A Calgary detached home purchase income guide (for condos, click here)

Many would-be homebuyers find the home of their dreams, only to wonder, “can I afford it?” Canada Mortgage and Housing Corp., as well as many major banks, recommend spending no more than 30 per cent of income on housing, including mortgage (principal and interest), property taxes, insurance and utilities. To help, we did the math for a typical detached home in each region of the city.

City Centre

Required Down Payment: $34,461

Recommended Household Income: $155,760

North East

Required Down Payment: $18,738

Recommended Household Income: $87,520

West

Required Down Payment: $36,653

Recommended Household Income: $165,240

South

Required Down Payment: $23,670

Recommended Household Income: $108,920

North

Required Down Payment: $21,529

Recommended Household Income: $99,640

North West

Required Down Payment: $26,971

Recommended Household Income: $123,240

South East

Required Down Payment: $22,411

Recommended Household Income: $103,440

East

Required Down Payment: $17,539

Recommended Household Income: $82,280

*All calculations assume for a five per cent down payment (which necessitates mortgage insurance), 25-year amortization period, 3.50 per cent mortgage rate and no outstanding debts. Estimated property tax, home insurance and utility cost values are factored into the calculations (via www.ratehub.ca/mortgage-payment-calculator). Recommended income is based on calculation of housing expenses (mortgage, utilities, property tax and home insurance) as 30 per cent of gross income. YTD Benchmark Prices are accurate as of Sept. 1, 2018.