Calgary, a city located in the Canadian province of Alberta, has been ranked as one of the top 10 most affordable cities in the world by the Urban Reform Institute’s Demographia International Housing Affordability Study. The study analyzed 92 cities across the globe based on the median multiple, which is the median house price divided by the gross median household income, pre-tax, during the fourth quarter of 2021. Calgary’s affordability has slightly improved since the previous study in 2020, with a median multiple of 4.0 compared to 4.1. This ranking places Calgary in the “moderately affordable” range, making it an attractive destination for people looking to settle down in an affordable city.
According to the report, cities with a median multiple of 3.0 and under have affordable housing markets, while a range of 3.1 to 4.0 is considered moderately affordable. Cities with a median multiple of 4.1 to 5.0 are considered seriously unaffordable, while those with a median multiple of 5.1 and over are severely unaffordable.
Calgary’s neighboring city, Edmonton, ranked as the most affordable Canadian city and fourth globally, with a rating of 3.6. In contrast, Vancouver, Sydney, and Hong Kong were rated as the most unaffordable cities, with median multiples of 13.3, 15.3, and 23.2, respectively.
According to the latest housing statistics by the Calgary Real Estate Board (CREB), Calgary’s benchmark price reached $526,700 in April, nearly two per cent higher than the previous month and 17 per cent higher than the previous year. In comparison, Toronto’s average home price was $1.2 million in April, while Vancouver’s benchmark house price was $1,360,500.
Overall, Calgary’s affordability and housing market make it a desirable city for people looking for an affordable and livable location.
Urban Reform Institute’s Demographia International Housing Affordability Study