Here's what you need to earn to buy a home in Alberta compared to other Canadian cities
Brace yourself Ontarians... 💸
Calgary in Alberta. Right: Edmonton Alberta.
Buying a home in Canada isn't exactly cheap but it varies a lot depending on the city you call home. Recent data revealed how big your salary has to be to afford a home in the major Canadian cities, and one Alberta city requires nearly half of what you'd need in Toronto and Vancouver.
Ratehub.ca put together a report, showing the "amount of income needed to qualify for a mortgage on the average-priced home" in different cities.
Brace yourself if you call Toronto or Vancouver home, because this may make you want to move ASAP.
How much you need to make to buy a home in Alberta cities
In Calgary, the average home goes for $577,700, as of October 2024. According to the report, you'll need to make an income of $113, 250 to afford a home in the city.
If you want to save a little more but still be in the hustle and bustle of a city, give Edmonton a go. You'll need an income of $82,450 to buy a home there.
How it compares to the major Canadian hubs
While those salaries aren't exactly low, it still beats what you need to make in the biggest cities in the country.
In Vancouver, the average home is priced at a staggering $1,172,000, which means you'll need an income of $214, 460 to afford it, according to the report.
Toronto is slightly better, but not by much. There you'll need to make $195,420 to buy a home.
All in all, you'll need to make a whopping $82,170 more to buy a home in Toronto, over Calgary. Yikes!