Living Costs in Calgary vs. Other Canadian Cities: How Much?

Living Costs in Calgary vs. Other Canadian Cities

Just how much money do you need to live in Calgary? This is an important question that we covered in a previous blog, which showed just how much the “average” salary was necessary to live in various sectors of the city.

• Also see: Additional Costs Associated with Buying a Home in Calgary

But how does the cost of living in Calgary stack up against other Canadian cities? According to a report from the Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation (CMHC), we sit somewhere in the middle.

It’s important to note that benchmark prices are only part of the affordability equation. Other factors considered include what percentage of households in each major city spend 30% or more of their average monthly total income on shelter-related costs, which can include property taxes, mortgage payments, condo fees and utilities (if applicable).

Another important note is that this data was fielded from 2016, therefore Alberta’s current economic downturn may have decreased the affordability of housing in its municipalities.

• Also see: Calgary Real Estate Market Updates

Living Costs in Canada: Key Points

Calgary, Edmonton and Windsor tied with 21.9% of households spending at or above the 30% threshold, making housing in these cities more affordable than 21 of the 35 included in the report.

Toronto and Vancouver were the least affordable, with 33.4% and 32% of households, respectively, spending more than the threshold.

Saguenay, QB, had only 16.9 per cent of households above the threshold, making it the most affordable city surveyed.

A drop in the rental vacancy rate in Calgary from 6.3% in October 2017 to 3.9% in October 2018 suggests more people are choosing to rent than buy in today’s market.

Income Needed for a Single-Family / Condo in Calgary

According Adil Mawja, an Accredited Mortgage Professional with Invis Inc. and past-president of the Alberta Mortgage Brokers Association, for home buyers’ to qualify under today’s lending rules, they would need:

• Single-family home: $467,800 – Income required: $115,000
• Apartment: $251,700 – Income required: $79,000

Below are the average benchmark prices for housing types in several different Canadian cities. NOTE: these do not take into account pricing factors such as location, developer and square footage to name a few.

CALGARY

Benchmark price (November 2018)

All housing types: $418,300

Single-family: $467,800

Townhouse: $292,500

Apartment: $251,700

Average one-bedroom rent: $1,050

Vacancy rate: 3.9%

Housing starts (CMA): 686

Completed builds (CMA): 1,010

Under construction (CMA): 11,873

EDMONTON

Benchmark price (November 2018)

All housing types: $321,800

Single-family: $374,300

Townhouse: $217,500

Apartment: $192,600

Average one-bedroom rent: $1,017

Vacancy rate: 5.3%

Housing starts (CMA): 488

Completed builds (CMA): 737

Under construction (CMA): 10,281

VANCOUVER

Benchmark price (November 2018)

All housing types: $1,042,100

Single-family: $1,505,200

Townhouse: $818,500

Apartment: $667,800

Average one-bedroom rent: $1,307

Vacancy rate: 1.0%

Housing starts (CMA): 1,483

Completed builds (CMA): 2,471

Under construction (CMA): 40,911

TORONTO

Benchmark price (November 2018)

All housing types: $763,600

Single-family: $860,100

Townhouse: $565,500

Apartment: $506,700

Average one-bedroom rent: $1,260

Vacancy rate: 1.2%

Housing starts (CMA): 3,719

Completed builds (CMA): 3,129

Under construction (CMA): 71,484

OTTAWA

Benchmark price (November 2018)

All housing types: $393,600

Single-family: $432,300

Townhouse: $259,300

Apartment: $284,900

Average one-bedroom rent: $1,088

Vacancy rate: 1.6%

Housing starts (CMA): 1,412

Completed builds (CMA): 307

Under construction (CMA): 8,046

MONTREAL

Benchmark price (November 2018)

All housing types: $348,200

Single-family: $365,700

Townhouse: $429,900

Apartment: $286,700

Average one-bedroom rent: $720

Vacancy rate: 1.9%

Housing starts (CMA): 2,791

Completed builds (CMA): 1,562

Under construction (CMA): 25,798

*CMA = City Metropolitan Area, Sourced from CREB®

Moving to Calgary?

Are you thinking about moving to Calgary? Aren’t sure if you can afford the cost of living here?

If you have any questions about relocating, give the experts and call us today! We’ll be happy to guide you towards answering this very important question and any others you may have.

We’ve been helping people move to Calgary for many years, and would love the opportunity to be your relocation specialist!

Tips for Relocating to Calgary:

• 15+ Reasons to Consider Moving to Calgary
• 23 Quick-Tips for a Successful Move
• 3 Tips to Finding the Right Moving Company
• Moving to Calgary: Preparing Your Toddlers or Preschoolers

Questions about Calgary Real Estate?

As a top-producing REMAX agent in Canada (2013, 2014, 2015h) and top-performing agent in my office (#4 of 200+ agents in 2018), I guarantee to provide you with the best service and advice while guiding you step-by-step towards meeting your real estate goals.

Call me direct anytime at 403-370-4180 or send a message below for a quick response. I am looking forward to helping you accomplish your real estate plans!

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