Quote:
Originally Posted by Leondros
There are over 240 listings in the Calgary area for detached houses for under $400K. If that's not affordable I think you need to temper your expectations.
That's a $20K down payment and $1,300 per month in mortgage payments. Based on the affordability calculator that's roughly a household income of $50 - 60K to support that or $30K per person.
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30k per person is only $15/hour for 2000 hours per year. So while it would be tight, a two income family where both partners earned minimum wage could buy a detached house if they saved hard. Not saying it would be easy, but those numbers are something. Amazing how low rates improve affordability.
That doesn't seem like an unsustainable bubble to me.
Compare that to Peter12's thread about how two professionals with good incomes might be able to swing a 2 Br condo as an upgrade and Calgary RE looks pretty good.