Calgary Real Estate: Still Affordable Compared to Other Major Cities?

Affordability is top of mind for many Calgarians and residents of surrounding communities when it comes to real estate. With home prices on the rise and interest rates holding firm, it’s no surprise that buyers—particularly first-time buyers and young families—are asking whether homeownership in Calgary is still within reach.

While prices have certainly climbed, Calgary remains one of Canada’s more affordable major cities when household income is taken into account. A recent study by Ratesdotca compared the average price of a home to the income needed to qualify for a mortgage in six of the country’s largest urban centres. The findings offer some valuable perspective on where Calgary stands.

At the end of 2024, the average home price in Calgary was approximately $572,900. To qualify for a mortgage at the study’s assumed rate of 6.7% (based on the current stress test), a household would need to earn $129,000 annually. Fortunately, the median income in Calgary exceeds that threshold, making the city one of only a couple of markets where the average household has enough income to qualify for the average home.

Edmonton topped the list, with a required income of just $91,000 for the average home price of $397,400—and a median income of more than $141,600.

Compare that to Toronto, where the average price was over $1 million. There, a household needs to earn more than $232,000 annually to qualify, yet the median income is only about $134,000—a shortfall of nearly $100,000. The national average income ($124,700) also falls short of what’s needed to afford the average Canadian home, which was over $676,000.

Here in Calgary, while prices continue to rise—the Calgary Real Estate Board reported an average home price of over $639,000 in March 2025, up more than 7% year over year—our local economy continues to provide relatively high-paying jobs. This has helped keep homeownership within reach for many, especially when compared to the extreme price-to-income gaps in other cities.

That said, affordability is still a growing concern. Sales have declined over 20%, and many buyers are debating whether to purchase now before prices rise further or wait for possible rate cuts that might improve their buying power.

The good news? Opportunity still exists. Some buyers are rethinking location, opting for different neighbourhoods, or considering multi-family properties. Others are strategically entering the market now, knowing that timing it perfectly is rarely possible—but making a well-informed, confident move is always a good decision.

At Patrick Murray Luxury Homes, I’m here to help you navigate this evolving market with clarity, insight, and a plan tailored to your needs. Whether you’re considering selling your home or you’re buying your first home, looking to move up, or investing in Calgary real estate, let’s find the right path forward—together.