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Stories Tagged - affordability

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March 13, 2020 | Mario Toneguzzi

Head to head: Calgary housing affordability remains strong compared to other major centres

When it comes to homeownership these days, one of the biggest and most talked about issues is affordability. This issue is particularly relevant when it comes to a generation of young Canadians that many people say is struggling to enter the marketplace due to the high costs of owning a home.

However, like anything else in this country, affordability is relative and truly dependent on context. If you're a millennial or a potential first-time homebuyer of any stripe, you're much better off entering the market in Calgary than other major centres like Vancouver or Toronto.

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June 19, 2019 | Gerald Vander Pyl

Where to find your ideal Calgary condo for $250,000 or less

For anyone looking to buy an affordable condo in Calgary, now is the time, with a variety of both townhome- and apartment-style units available for $250,000 or less throughout much of the city.

Cody Stuart / CREB®Now
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Jan. 23, 2019 | Gerald Vander Pyl

The big picture: price is only part of the affordability equation

When it comes to housing affordability, how does Calgary compare to other major Canadian cities?

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Jan. 23, 2019 | Gerald Vander Pyl

Can I afford to buy a home in Calgary? Experts weigh in

Given the current economic situation across the province, the big question on many Calgarians' minds these days is, "can I afford to buy a home?"

News

June 18, 2018 | Tyler Difley

Mortgages demystified

Valuable information for prospective homebuyers

Canada's new mortgage qualification rules and how they could affect you

On Jan. 1, 2018, new mortgage rules came into effect. Under the new rules, Canadian mortgages are subject to stricter qualifying criteria. Ultimately, this means some buyers will have to settle for less expensive homes than they could have qualified for prior to the rule change – up to 20 per cent cheaper in some cases.

All homebuyers must now go through the mortgage stress test:

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May 02, 2018 | Gerald Vander Pyl

Crunching the numbers

How much home can you afford?

Shopping for the home of your dreams requires knowing how much you can afford to spend, which for most buyers ties directly into a mortgage.

Financial institutions in Canada look at a buyer's Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to help determine how much mortgage to approve, and therefore, how much home a person can afford.

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Aug. 02, 2017 | Tyler Difley

Compare and contrast

How Calgary's housing market stacks up against other major centres

When it comes to the housing market and the availability of affordable options, people often lose sight of the big picture. Instead of obsessing over the minute details of the market in any one particular city, it can be helpful to take a step back and examine things in a broader context to provide points of comparison. This dose of perspective helps one to remember that while $400,000 might seem like a lot to ask for a detached home in one city, in another major metropolitan area, people might be hard pressed to find a home for less than twice that amount.
Joe Jacobs, president of Mortgage Connection Inc. in Calgary, said the best way to qualify for a mortgage is to decrease or eliminate other debts. Photo by Adrian Shellard/For CREB®Now
News

Dec. 16, 2016 | Miles Durie

'Tis the season

Debt might be a fact of life this time of year, but experts warn of long-term impacts

With the holiday shopping season shifting into high gear, many Calgarians will be reaching for their credit cards.

But those decisions about taking on debt to put smiles on faces can be the unwelcome gift that keeps on giving, putting the squeeze on your ability to qualify for your first — or next — mortgage, say experts.

"Where people sometimes make a big mistake is they don't realize how much of an impact their debt has," said mortgage broker Joe Jacobs, president of Mortgage Connection Inc. in Calgary.

CHAC steering committee members. From left, Sarah Woodgate (City of Calgary), Jyoti Gondek (Haskayne School of Business), Kevin McNichol (Calgary Homeless Foundation), Beverly Jarvis (CHBA-UDI Calgary Region Association), Kim O’Brien (Horizon Housing Society), John Harrop (Attainable Homes Calgary Corporation), and Jennifer Arntfield (City of Calgary). Photo courtesy CHAC
News

Dec. 07, 2016 | Kathleen Renne

'Wave of the future'

New housing collective seeks group approach to affordability issues

Billed as the first of its kind in Alberta, Calgary's Community Housing Affordability Collective (CHAC) launched earlier this month as a collaborative engine for improving housing affordability in the city.

While a number of local organizations already exist to address barriers to shelter, CHAC is unique is its collaborative approach, said Kim O'Brien, executive director of Horizon Housing Society and co-chair of the CHAC steering community.

CREB® chief economist Ann-Marie Lurrie said the price of homes in Calgary's sandwich communities is predicated primarly on land value. Photo by Adrian Shellard/For CREB®Now
News

Sept. 07, 2016 | Joel Schlesinger

Stuck in the middle

Calgary's aging sandwich communities seek their place in shifting housing landscape

What's old is new again. It's an apt description of homebuyers' newfound interest in Calgary's sandwich communities – those not-quite-inner-city neighbourhoods that long outgrown their suburban roots.

Built along what was then the city's outskirts starting in the late 1950s, these detached-heavy communities such as Thorncliffe, Huntington Hills, Ogden, Winston Heights, Albert Park, Fairview and Kingsland represented optimism and prosperity synonymous with the post-Second World War era.

Fast-forward several generations later and upwardly mobile generation-Xers and millennials are returning to their birth places, attracted by location, ample amenities and familiarity.

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.


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