What can I (really) afford: condo edition | Calgary Alberta

A Calgary condo purchase income guide (read more: What can I (really) afford: detached homes)

Many would-be homebuyers find the home of their dreams, only to wonder, “can I afford it?” Canada Mortgage and Housing Corp., as well as many major banks, recommend spending no more than 30 per cent of income on housing, including mortgage (principal and interest), property taxes, insurance and utilities. To help, we did the math for a typical apartment-style condo in each region of the city.

City Centre

• Required Down Payment: $14,261

• Recommended Household Income: $66,240

North East

• Required Down Payment: $11,184

• Recommended Household Income: $52,880

West

• Required Down Payment: $12,264

• Recommended Household Income: $57,600

South

• Required Down Payment: $11,228

• Recommended Household Income: $53,080

North

• Required Down Payment: $10,817

• Recommended Household Income: $51,280

North West

• Required Down Payment: $11,926

• Recommended Household Income: $56,120

South East

• Required Down Payment: $12,077

• Recommended Household Income: $56,760

East

• Required Down Payment: $9,275

• Recommended Household Income: $44,600

*All calculations assume for a five per cent down payment (which necessitates mortgage insurance), 25-year amortization period, 3.50 per cent mortgage rate and no outstanding debts. Estimated property tax, home insurance and utility cost values are factored into the calculations (via www.ratehub.ca/mortgage-payment-calculator). Recommended income is based on calculation of housing expenses (mortgage, utilities, property tax and home insurance) as 30 per cent of gross income. YTD Benchmark Prices are accurate as of Sept. 1, 2018.

Reference: http://www.crebnow.com/what-can-i-really-afford-condo-edition

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