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You’ll need around $16,000 more than the average household income to qualify for a mortgage in Calgary

Dec 27, 2023  
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The income required to qualify for a mortgage in Calgary has increased significantly compared to last year. According to the Canadian Real Estate Association, an income of $115,962 is now needed with a 20% down payment. Factors such as population growth and a lack of housing contribute to this trend. Although new listings have improved, supply levels remain challenging, leading to higher prices. The median price of a single detached home is $635,000, while townhouses and apartments have also seen price increases.

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