Is Calgary one of the most affordable cities for renters in Canada?
Calgary is hailed as one of the most affordable cities in Canada to buy an apartment, according to a recent report from Zoocasa, which means it’s also a good deal for renters.
Over 75 per cent of people living in Calgary earn a high enough salary to comfortably buy an apartment, whereas a similar unit is out of reach for the vast majority of residents in other major cities, like Toronto and Vancouver.
Calgary condos go for an average of just $250,000. To be able to comfortably afford monthly mortgage payments (with a 20 per cent down payment and a 30-year mortgage at 3.75 per cent), a prospective buyer would only have to make $35,000.
And, when landlords have low carrying costs, rent is also a lot lower; a one-bedroom rental in Calgary is just about $1,100, while a two-bedroom is $1300.
In Toronto, landlords have far higher monthly costs because the average apartment is $522,000, (which one would have to make over $75,000 to afford to buy). A one-bedroom is about $2,250 and a two-bedroom is about $2,850.
Vancouver is even less affordable - an apartment tops $650,000, out of reach for all but the top 25 per cent of income earners, who must earn almost $95,000 to afford to buy.
To make any sort of profit, landlords are charging a premium — an average of $2,130 for a one-bedroom and $3,100 for a two-bedroom.
Calgary real estate listings are likely so affordable because of the supply issues the city has faced in recent years. Along with an oil downturn, developers overbuilt, leaving prospective buyers and renters with a lot of choice as well as negotiating power.
In fact, all of the prairie cities, including Regina, Saskatoon and Edmonton, are affordable right now for the same reasons. But Calagry, being the biggest city in the prairies, has a more robust job market, with more cultural amenities.
Calgary is right on the footsteps of the Canadian Rockies so an abundance of outdoor activities are available. Outdoor lovers can also enjoy the 11 square kilometres of Nose Hill Park, one of North America’s largest urban parks. Plus, just two and a half hours away is Dinosaur provincial park,where archaeologists have discovered over 300 fossils, making it a UNESCO World Heritage Site.
For cowboy lovers, Calgary has the famous stampede, a week long festival showcasing bucking broncos, steer wrestling, chuckwagon races, a midway and an amazing grandstand show.
And, for more cosmopolitan types, downtown Calgary has an abundance of art, food, fashion, dance, films and festivals.
And, the best part is, because rent is so cheap, you’ll likely have money left over at the end of the month to afford all the fun activities Calagry has to offer.