How Much $$$ Does It Take To Live In Calgary?

[Log]

My house is 1600sq feet, 2 storey, built in 1980. I bought it for $120k 3.5 years ago. I'd hate to see what my house in Calgary would cost right now!!!!!

Calgary real estate is pretty crazy right now... It would be ok if you are moving from one house to another, but if you are starting from scratch... OUCH!!!! Sure there's a few crappy things about living here, but atleast the housing is affordable.

PS Why didn't I invest in Calgary real estate????? Just like I should have told my parents to buy lots of microsoft stock for me back in the mid 80's...

[albertGQ]

Originally Posted by Flames_Gimp

AISH recipients live on 12,000/year and they get by, somehow..

And thats the increased amount. My brother used to get only $850 a month which works out to be $10,200 a year

[V]

I can't imagine just buying a new house (and mortgage that comes along with it) in Calgary and only be making 40K. I don't think I could do it on 50K. I live comfortably at 60K, and I bought a house 3 years ago, before things got really nuts, so right now I have a 160K mortgage. 400 dollar car loan repayments. 1 kid. Lots of diapers. I think 60K would pretty much just cover things if I had to buy a house right now.

[Eddie Bronze]

I think the most important factor in determining the question you are asking is more about what your personal situation is and what kind of lifestyle you lead than what it specifically that you make a year. The key points have been alluded to a couple times in here but I don't think they can be stressed enough.

Are you single? Do you have a spouse? That's a huge factor right there and then go a step beyond that. Do you have children or not? That could be the difference in whether 40k a year is enough or not. Also, how often do you go out? Some people don't think about that alot, but going out costs a lot of money. A night on the town, whatever it may involve, adds up in a hurry if you like to do it often.

Learning to live within your means and being able to recognize the difference between needs and wants play a huge factor in what you get out of how much you earn. I used to hear my dad say quite often when speaking in regards to others, "More money than brains." 40k a year is not a huge amount of money, but it's not chump change either, unless you're just plain stupid.

[ken0042]

Originally Posted by Eddie Bronze

I think the most important factor in determining the question you are asking is more about what your personal situation is and what kind of lifestyle you lead than what it specifically that you make a year.

That's just it. While waiting for class today I picked up a renter's guide just to pass time. There's still apartments for $700 per month. At an $8 /hour job you couls still afford to live here.

The other thing as a homeowner is when you bought your house. I only bought my place 1.5 years ago, but it has already gone up in value by about 75%. There's no way I could afford a place like mine now if I was just starting buying.

A lot is in how you spend. I have friends who are DINK's and have about the same mortgage as me, but for some reason they are always broke even though there is two of them to split the housing costs. They are amazed that I've been able to save up enough for all the renovation projects I've been doing.

3 years ago I said to myself that I liked my lifestyle; never having to worry about if I could afford to go out to the pub. Now I see that I'm better off putting money into my house; which is my only real investment.

Like Eddie said, it's all about what kind of lifestyle you want.

[henriksedin33]

wow, the average price in calgary is 260k? Here in the capital region (Victoria) it just broke 480k......good luck ever owning a home here if you don't already have one.

[Reaper]

Originally Posted by ken0042

That's just it. While waiting for class today I picked up a renter's guide just to pass time. There's still apartments for $700 per month. At an $8 /hour job you couls still afford to live here.

FYI: Just so you know, the Renter's guide is complete bunk as about 70% of the apartments with advertisements in that mag have no vacancies. The corporations who buy the advertising commit to long terms of prepaid runs at the start of their fiscal years and the ads continue to run regardless of vacancies.