24 Feb House Rent in Calgary is Par With Mortgage Costs
Calgary’s housing market is experiencing another unprecedented milestone, and it’s not about soaring prices or tight inventory. Calgary’s real estate market is making headlines for the fact that owning a home in Calgary is becoming just as affordable as renting. Yes, you heard that right. With house rent in Calgary running neck and neck with mortgage payments, many renters are starting to ask themselves, “Why not buy?” In this post, I’ll take a look at the differences between house rent in Calgary and the cost of homeownership.
A Market on the Move
For years, Calgary has been one of Canada’s most affordable major cities for homeownership. Even though home ownership levels have dipped slightly over the past 15 years, Calgary still leads the pack. In 2024, the average price of a residential property in Calgary soared to $697,079, an impressive 23.3% jump from 2021 levels. A key driver? The massive influx of people moving from B.C. and Ontario, lured by lower costs and job opportunities.
With home prices climbing, you’d expect renting to be the more affordable option. But that’s not the case. House rent in Calgary has also skyrocketed, leaving many wondering whether they’re better off putting those monthly payments toward a mortgage instead. Interest rates have started to ease up, giving first-time buyers more confidence to make the jump. And with the government extending mortgage insurance to properties up to $1.5 million and allowing 30-year amortizations, owning is looking more attainable than ever.
While renting has traditionally been the go-to option for those hesitant to commit to a mortgage, the numbers tell a different story in Calgary. Rental prices have surged, and for many, monthly rent payments are nearly identical to what they’d be paying on a mortgage. With nearly half of the homes sold in 2024 falling under the $500,000 mark, entry-level buyers still have options. The biggest hurdle for these new buyers is, of course, the down payment. But parents and grandparents are stepping up, helping younger generations get their foot on the property ladder.
Beyond the affordability factor, Calgary offers some financial perks that make homeownership even more appealing. Unlike other major Canadian cities, there’s no land transfer tax, and overall property taxes are significantly lower. These little savings add up, making homeownership a much more reasonable goal.
Ready to Make the Move?
If you’ve been stuck debating whether to continue paying house rent in Calgary or buy, now might be the perfect opportunity to invest. With rental prices so close to mortgage payments, the decision becomes less about cost and more about long-term feasibility. Owning a home means building equity, stability, and a place to call your own. Contact me today for more information about buying a home in Calgary!