According to a new report, Calgarians now need an average household income of $156,000 to buy their first detached home. Meanwhile, purchasing an apartment in the city requires a household income of $70,800.
"The findings in the assessment also highlight that the housing crisis is affecting a wide range of Calgarians including those looking to buy or rent a home and those that are in the greatest need of affordable housing supports."
According to the estimated population growth rate and the historical rate of housing requirements, the total number of households that will require affordable housing options will be around 100,000 by 2026.He moved to Calgary from Hamilton, Ont., in 2021, in search of affordability. "What does that mean for people making even a few dollars less than me, or getting a few hours less a week at work? What sacrifices are they having to make?" said Gallant.
What is contributing to the current housing crisis, though? The Housing Needs Assessment report lists three primary reasons, namely below-average vacancy rates, a sharp rise in rental costs and higher home prices.
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