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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You have to take into consideration that most people earning 60k/year have debt, so you don’t typically see that income level affording a 400k house.
Edit: also, I don’t think your numbers are correct. Need to use a rate of 4.79%, and include estimates for heat and property tax, so likely around $300/month.