Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
A study done by Rates.ca reports that half of Calgary families will have to make at least $11,000 more in order to afford an average priced home.
The national gap is $65,000, making home ownership a distant dream for some.
“A lot of parents are helping their kids with a first home,” says Jack Mintz with the School of Public Policy at the University of Calgary.
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“I think the ones we have to worry about are those who are on a lower income and have a lot more of a challenge to reach the standard of living that they would like the most,” he said.
Some get creative, like Calgary’s Bill Hornecker. He converted his backyard woodshop into a suit for his son in college.
“It costs some money, but it makes more sense than trying to find a place for it to get it out of the basement, so it just seemed to fall into place, ” said Hornecker.
Victor Tran with Rates.ca said the affordability gap is not narrowing.
“Rates have been falling and should improve a little but not enough to get people into the housing market,” he said.
The affordability gap is highest in Toronto and Vancouver.
& copy 2024 Global News, a division of Corus Entertainment Inc.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://globalnews.ca/news/10765615/calgary-home-ownership-affordability/
