So you’ve saved and worked, then worked and saved more, and you’re finally in a place where you can consider homeownership. Congratulations! For some, this is a major milestone, but before you start shopping for your starter home, it’s important to know how much you’ll need for a down payment on a house in and around Calgary.
From the big city itself to its surrounding areas, a down payment can vary, but will this affect your decision? How different really is the market in Strathmore compared to Canmore?
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Well, a new report from Zoocasa has the answers – and what they found might surprise you!
“We wanted to learn how current down payment minimums in the Calgary region compare to those of last year when the market was especially hot,” they explained.
“For this study, Zoocasa calculated the difference in the required down payment a buyer would need to purchase a benchmark-priced detached house in 8 regions across Calgary in March 2023 vs. the same time frame in 2022.”
The following is how much you’ll need to bag for 5% on a place worth $500,000:
As you can see, most areas have gotten more expensive in the last year, with the exception of the Rocky Mountain town of Canmore – which has us rattled!
“Canmore stood out as being the only Calgary region on our list to have experienced a downward shift in prices; a home in March 2023 cost $1,309,00, down 6.5% from last March,” they wrote.
“Though the minimum required down payment on a Canmore home is still hefty at $261,800, it’s decreased by $18,040 from last year.”
As for the most affordable place to put a down payment on a house in and around Calgary? Strathmore was the winner! As of last month, home seekers will only need to save $22,545 for a down payment, compared to the whopping $39,980 you’ll need if you’re looking to buy in Calgary – though this is still pretty affordable in the grand scheme of things.
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“Compared with Canada’s national average home price of $662,437 in February 2023, 6 out of 8 Calgary regions are far below that number,” they explained.
“Despite this, Calgary was one of the only markets in Canada to have experienced positive year-over-year changes in home prices in February 2023.”
Of course, no matter what you do or where you choose to settle, just know that you’ve accomplished something incredible and that’s worth celebrating.
Here’s to the future and new beginnings – no matter what that means to you. You’re doing great!
