In the midst of a housing crisis, the City of Calgary released the 2023 Housing Needs Assessment Report to identify current and future affordable housing needs in Calgary.
According to the report released Wednesday, low vacancy rates, higher-than-normal rent increases and rising real estate prices put Calgary at risk of losing its competitive edge as one of the the nicest places to live in the world.
“The latest data released from the Housing Needs Assessment shows us that an increasing number of Calgarians are struggling to access affordable housing,” said Tim Ward, Housing Solutions Manager.
“The a*sessment findings also highlight that the housing crisis is affecting a wide range of Calgarians, including those looking to buy or rent a home and those most in need of affordable housing a*sistance.
Here are the main conclusions of the evaluation:
- The data shows that at least 84,600, or nearly one in five households in Calgary, could not afford their homes in 2021. Based on current housing market conditions, it is expected that figures in 2023 are almost certainly even higher.
- According to recent housing market data, the median cost of buying a single-family home has increased 37 percent over the past three years.
- For Calgarians looking to buy their first single-family home in 2023, an annual household income of $156,000 is needed to adequately afford it, meaning they would spend no more than 30 percent of their pre-tax income on housing.
- To adequately pay the median purchase cost of an apartment in 2023, an annual family income of $70,800 is needed for this new homebuyer.
- For those looking to rent, an annual income of $84,000 is needed to be able to adequately pay the average market rent in 2023. This figure has increased from $67,000 in 2022.
- Based on Calgary’s projected population growth and historical housing need rate, the number of households in need of affordable housing is expected to reach nearly 100,000 households by 2026.
The a*sessment is published every five years. The information in the a*sessment influences the city’s affordable housing policies and helps the city plan its work with housing providers who build new developments and with the government who funds them.
The Housing Needs Assessment uses quantitative data from the Federal Census, the City of Calgary’s Department of Business Economics and Canada Housing and Mortgage Corporation.
To tell a stronger and more complete story of housing need in Calgary, this report also includes qualitative data from the perspective of affordable housing providers, operators and organizations that a*sist with housing placement.
The City of Calgary defines a household as in need of affordable housing when they earn less than 65 percent of Calgary’s median income and spend more than 30 percent of that income on housing costs.
You can read the City of Calgary’s 2023 Housing Needs Assessment Report at Calgary.ca/HousingStrategy.
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