How Much Do You Need to Earn to Buy a Home in Calgary?

Dreaming of owning a home in Calgary? You’re not alone! With its affordable prices compared to other major Canadian cities, Calgary is an attractive destination for first-time buyers and renters looking to make the leap. But how much do you really need to earn to buy a home here in 2025? Let’s break it down in simple terms.

What’s the Average Home Price in Calgary?

As of 2025, the average price for a single-family home in Calgary hovers around $600,000, while condos and townhouses are often available for $350,000–$450,000. Of course, prices vary by neighborhood, but these figures give you a solid starting point.

Down Payment: What Do You Need Upfront?

• Minimum Down Payment: For homes under $500,000, you’ll need at least 5% down. For homes over $500,000, it’s 5% of the first $500,000 and 10% of the remainder.
• Example: On a $600,000 home, your minimum down payment would be $35,000.

Monthly Costs: Mortgage, Taxes, and More

Assuming a 5-year fixed mortgage rate of 5%, your monthly payment on a $600,000 home with a $35,000 down payment would be around $3,100 (including mortgage insurance). Don’t forget to budget for property taxes (roughly $250/month), utilities, and home insurance.

How Much Do You Need to Earn?

Most lenders recommend that your housing costs not exceed 32% of your gross monthly income. To comfortably afford a $600,000 home, you’d need a household income of at least $110,000–$120,000 per year. For condos and townhouses in the $400,000 range, a household income of $75,000–$85,000 is often enough.

Tips for First-Time Buyers

• Boost Your Down Payment: The more you put down, the lower your monthly payments (and the less you’ll pay in mortgage insurance).
• Check Out Incentives: Federal and provincial programs can help first-time buyers with down payments and tax credits.
• Get Pre-Approved: Knowing your budget before you shop makes everything less stressful—and helps you act fast in a competitive market.

The Bottom Line

Buying a home in Calgary is within reach for many, but it’s important to know the numbers before you start your search. With smart planning and the right advice, your dream of homeownership could be closer than you think! 🏡