The City of Calgary releases Housing Needs Assessment
On Sept. 6, 2023 The City of Calgary released the Housing Needs Assessment report. This research report identifies present and future affordable housing requirements in Calgary.
“Calgary is experiencing a housing crisis. The latest data published in the Housing Needs Assessment shows us that an increasing number of Calgarians are struggling with housing affordability,” said Tim Ward, Manager of Housing Solutions. “The findings in the assessment also highlight that the housing crisis is affecting a wide range of Calgarians including those looking to buy or rent a home, and those that are in greatest need of affordable housing supports.”
Key findings in the assessment
·The data shows at least 84,600 or almost one in five Calgary households couldn’t afford their housing in 2021. Based on current market housing conditions, it is expected that the numbers in 2023 are almost certainly even higher.
·Based on recent market housing data, the median cost to buy a detached home has increased in price by 37% in the last three years.
·For Calgarians looking to buy their first detached home in 2023, an annual household income of $156,000 is required to adequately afford it, meaning they would not be spending more than 30 per cent of their income before tax on housing.
·To adequately afford the median purchase cost of an apartment in 2023, an annual household income of $70,800 is needed for that new home-buyer.
·For those looking to rent, an annual income of $84,000 is needed to adequately afford average market rent in 2023. That number has increased from $67,000 in 2022.
· Based on Calgary’s forecasted population growth and historical rate of housing need, the number of households in need of affordable housing is expected to reach close to 100,000 households by 2026.
For more data and information The City of Calgary’s 2023 Housing Needs Assessment report is now available at Calgary.ca/HousingStrategy.
About the assessment
Published every five years, the information in the assessment informs The City’s affordable housing policies. It also helps The City plan its work with housing providers who build new developments and with other orders of government who fund them.
The Housing Needs Assessment uses quantitative data from the Federal Census, The City of Calgary Corporate Economics and Canada Housing and Mortgage Corporation.
To tell a more robust and comprehensive story about housing need in Calgary, this report also includes qualitative data from the perspective of affordable housing providers, operators, and organizations that assist with housing placements.
The City of Calgary defines a household in need of affordable housing when it earns less than 65% of Calgary’s median income and spends more than 30% of that income on housing costs.