Calgary 
Things of moving to Calgary following the Alberta Calling campaign?
Zoocasa published the result of a study comparing down payment minimums in the Calgary region between March 2022 and March 2023. The study finds that though most areas in the Calgary region saw an increase in home prices due to high demand driven by interprovincial migration, the region remains one of the more affordable markets in Canada.
Six out of eight regions in Calgary have home prices below the national average of $662,437 in February 2023.
Chestermere experienced the largest price increase, with a detached home’s price rising from $653,800 in March 2022 to $724,900 in March 2023. This increase led to a $12,110 rise in the minimum down payment, now at $52,490.
In Okotoks, the minimum down payment increased by 19% to $37,520.
Canmore was the only area in the Calgary region to see a decrease in home prices, with a 6.5% drop from last March.
The minimum down payment required in Canmore is $261,800, a decrease of $18,040 from last year.
Strathmore is the most affordable region, with a benchmark home price of $450,900 and a minimum down payment of $22,545. Cochrane is another affordable option, with home prices increasing by just 0.2% and a minimum down payment increase of only $130.
Credit: Zoocasa
According to the recent National Rent Report, Calgary saw the fastest increasing rents among Canada’s largest cities for condominium rentals and apartments in March, with a 24.9% year-over-year increase to $1,890.
The full-service brokerage sourced the benchmark prices from Calgary Real Estate Board. The minimum down payment amount is based on the Government of Canada regulations of 5% downpayment for housing prices of $500,000, 5% of $500,000 plus 10 % for the portion of the purchase price above $500,000 for houses priced to $999,999 and 20% for 1 million.
