A study done by Rates.ca is reporting half of Calgary families will have to make a 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.
“Many parents are helping their children with a first home” said Jack Mintz with School of Public Policy at University of Calgary.
Get daily National news
Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
“I think the ones we have to worry about are those who are lower income and have a lot more challenge to get to the standard of living most would like,” he said.
Some are getting 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 to try and find him a place to get him out of the basement, so it all seemed to fall into place,” Hornecker said.
Victor Tran with Rates.ca said the affordability gap is not decreasing.
“Rates have been going down and it should improve slightly but not enough to get people into the housing market,” he said.
The affordability gap is highest in Toronto and Vancouver.
© 2024 Global News, a division of Corus Entertainment Inc.