The city of Calgary released the Housing Needs Assessment report Wednesday. This research report identifies present and future affordable housing requirements in Calgary.
According to the report released Wednesday, low vacancy rates, higher-than-normal rent increases, and escalating home prices are putting Calgary at risk of losing its competitive advantage as one of the world’s most livable cities.
“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 greatest need of affordable housing supports.”The data shows at least 84,600 or almost one in five Calgary households couldn’t afford their housing in 2021. Based on current market housing conditions, it is expected that the numbers in 2023 are almost certainly even higher.
For Calgarians looking to buy their first detached home in 2023, an annual household income of $156,000 is required to adequately afford it, meaning they would not be spending more than 30 per cent of their income before tax on housing. For those looking to rent, an annual income of $84,000 is needed to adequately afford the average market rent in 2023. That number has increased from $67,000 in 2022.
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