A Calgary detached home 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 detached home in each region of the city.

City Centre

• Required Down Payment: $34,461

• Recommended Household Income: $155,760

North East

• Required Down Payment: $18,738

• Recommended Household Income: $87,520

West

• Required Down Payment: $36,653

• Recommended Household Income: $165,240

South

• Required Down Payment: $23,670

• Recommended Household Income: $108,920

North

• Required Down Payment: $21,529

• Recommended Household Income: $99,640

North West

• Required Down Payment: $26,971

• Recommended Household Income: $123,240

South East

• Required Down Payment: $22,411

• Recommended Household Income: $103,440

East

• Required Down Payment: $17,539

• Recommended Household Income: $82,280

*All calculations assume a five percent down payment

(which necessitates mortgage insurance), a 25-year amortization period, a 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.