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What can I (really) afford: condo edition

A Calgary condo purchase income guide 

Many would-be homebuyers find the home of their dreams, only to wonder, “Can I afford it?” Canada Mortgage and Housing Corp., as well as many major banks, recommend spending no more than 30 percent of income on housing, including mortgage (principal and interest), property taxes, insurance and utilities. To help, we did the math for a typical apartment-style condo in each region of the city.


City Centre

  • Required Down Payment: $14,261

  • Recommended Household Income: $66,240

North East

  • Required Down Payment: $11,184

  • Recommended Household Income: $52,880

West

  • Required Down Payment: $12,264

  • Recommended Household Income: $57,600

South

  • Required Down Payment: $11,228

  • Recommended Household Income: $53,080

North

  • Required Down Payment: $10,817

  • Recommended Household Income: $51,280

North West

  • Required Down Payment: $11,926

  • Recommended Household Income: $56,120

South East

  • Required Down Payment: $12,077

  • Recommended Household Income: $56,760

East

  • Required Down Payment: $9,275

  • Recommended Household Income: $44,600

*All calculations assume a five percent down payment

(which necessitates mortgage insurance), 25-year amortization period, 3.50 percent mortgage rate and no outstanding debts. Estimated property tax, home insurance and utility cost values are factored into the calculations (via www.ratehub.ca/mortgage-payment-calculator). Recommended income is based on the calculation of housing expenses (mortgage, utilities, property tax and home insurance) as 30 percent of gross income. YTD Benchmark Prices are accurate as of Sept. 1, 2018.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.