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Due to fierce competition in hot markets across the country, many young people seem to have given up owning their own homes.
A new report by the National Bank of Canada on housing affordability shows that housing costs have risen in 9 of the 10 major cities surveyed.
The report also reveals how many years of income you need to buy a house in these 10 cities.
In Calgary, mortgage payments as a percentage of income for apartments and non-apartments (MPPI for short) show a deterioration.
The affordability was + 0.2pp and + 0.3pp respectively. In other words, every year, urban compound house prices fall by 0.6%, while income increases by 1.1%. The increase in interest rates on 53-bps mortgages outweighed the potential improvement in housing affordability.
Although house prices in Calgary are still relatively affordable, they are the worst since 2011.
If you want to afford such a house, your annual income must be at least $90 and 104, which is equivalent to a monthly income of more than $7508.
To be more specific, suppose you work eight hours a day, five days a week; you have to find a job with an hourly salary of more than $46.9 to afford it!
And on this basis, according to the savings rate of 10%, you need to save enough money for 39 months to make a down payment.
The average price of a typical apartment in Calgary is $273971.
Correspondingly, the annual income must be $49, which is equal to about $4100 per month. Similarly, according to 8 hours a day, 5 days a week, the hourly salary should be more than $25.6!
With a savings rate of 10%, you have to save enough for 21 months to make a down payment on an apartment!
This report analyzes another set of data: the monthly fee for a medium-priced two-bedroom apartment is cheaper to buy than to rent.