Calgary carries a high dependency on the oil and gas sector, this accounts for roughly 70% of businesses based in Calgary, this can mean high volatility and risk of bust-boom cycles that come and go with a natural resource like oil. Recently Calgary has been recovering from highs in 2012 due to Oil prices taking a nose dive. Residents in Calgary on average earn more than other cities in Canada with an average weekly take home pay of about $1150 per week, this compared to Toronto and Vancouver being $1015 and $950 respectively.
Calgary is considered one of the top business hubs in Canada and the top of Western Canada with over 100 head offices, our city is recognized as a global leader in Energy and Engineering. Calgary usually sees a GDP growth of nearly double that you find in the other largest cities in Canada, with a project 6.3% in 2018 in comparison of 3.4% in Vancouver and 3.6% in the city of Toronto.
Filled with natural parks, mountains to the west, badlands to the east, and the US border a few hours south, Calgary has a lot to offer in and outside of the city. Inside you'll find the largest bike trail connected path in all of North America, you'll find the beautiful bow river flowing through Calgary, the bow is renowned for it's world class fishing. Calgary is also to the world famous Calgary Stampede, the Calgary Zoo, Heritage Park, Calaway Park, a booming and emerging local brewing scene, Telus Spark Science Centre, many music and outdoor festivals, Canada Olympic Park, Needless to say, if you're an outdoor enthusiast, this city offers a lot of options.
The ultimate question for those looking to buy real estate that live in Calgary, and those looking to move to Calgary and purchase a property is....
Is Calgary Real Estate affordable? If so, How Affordable is the Real Estate Market in Calgary?
Unlike Toronto and Vancouver where property prices have vastly outpaced wages, Calgarians who are earning the city's median income (household) are positioned with many options throughout every quadrant in the city.
We looked at data from each of the eight main districts in the city of Calgary (City Centre, North, North East, Northwest, West, East, South East, and South) with a presumed 20 percent mortgage down payment, a recent study found that (with the exception of Calgary's City Centre district) households that have an earning of the media dual income at $115,000 can very well afford a large amount of options that are priced near the city's benchmark pricing in virtually any neighborhood.
With households that are earning on a single income at $53,000 being afforded the opportunity to own property in Calgary as well, the bench mark price for apartments in the entire eight districts is available for buyers, as well as rowhomes being options in six districts and five districts allowing home buyers the ability to own semi detached properties.
The minimum wage is $26,327 in Alberta, this based on a standard 40 hour work week *we wish we only worked 40 hours a week ;) * at $13.43 per hour, (40hr work week, 49 weeks per year) it is possible to own a row hosue in the eastern communities of Calgary while in comparison to Toronto and Vancouver single and low earning individuals are essentially unable to afford the housing markets altogether.
But we want to hear what you think! Give us your opinion and thoughts, is the real estate market in Calgary affordable? What would you change, what are your thoughts on the Calgary real estate market?
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