A Calgary attached-home purchase income guide (for detached homes, 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 attached-home in each region of the city.

City Centre
• YTD Benchmark Price: $566,410
• Required Down Payment: $31,641
• Recommended Household Income: $128,920

North East
• YTD Benchmark Price: $244,740
• Required Down Payment: $12,237
• Recommended Household Income: $59,800

West
• YTD Benchmark Price: $361,570
• Required Down Payment: $18,079
• Recommended Household Income: $85,200

South
• YTD Benchmark Price: $273,500
• Required Down Payment: $13,675
• Recommended Household Income: $66,040

North
• YTD Benchmark Price: $272,900
• Required Down Payment: $13,645
• Recommended Household Income: $65,920

North West
• YTD Benchmark Price: $333,250
• Required Down Payment: $16,663
• Recommended Household Income: $79,040

South East
• YTD Benchmark Price: $310,750
• Required Down Payment: $15,538
• Recommended Household Income: $74,160

East
• YTD Benchmark Price: $224,340
• Required Down Payment: $11,217
• Recommended Household Income: $55,400

*All calculations for homes priced $500,000 and under assume for a five per cent down payment (which necessitates mortgage loan insurance), 25-year amortization period, 3.50 per cent mortgage rate and five-year fixed mortgage with no outstanding debts. Calculations for homes priced above $500,000 assume for a five per cent down payment on the first $500,000 and a 10 per cent down payment on the remainder. 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 up to Nov. 1, 2018.