Skip to main content
Ratehub logo
Ratehub logo

What Can a Teacher Afford to Buy in Calgary?

Ratehub logo

Flickr: jamesclay

We know that buying a home on your own isn’t easy, no matter what part of the country you’re in. However, not all of us have the luxury of buying with a friend, family member or partner who can both increase our affordability and help out with the mortgage payments. In this series, we’re going to look at the average starting salary of a profession, assume the buyer has no major debts and calculate what they could afford to buy solo.

In Calgary, the average starting salary for a teacher is $58,500. Compared to most professions, this is a great salary. And if you are earning this amount of money and don’t have any major debts, you can definitely afford to buy your own home. Want to see what a teacher can afford to buy in Calgary? Take a look.

After running the numbers through our mortgage affordability calculator, a teacher earning $4,875 per month could afford a home priced at $402,877. This figure is calculated with a 20% down payment ($87,146), an amortization period of 25 years and a 5-year fixed mortgage rate of 3.49%. Your maximum affordability is determined using your income and expenses. Lenders run your numbers through two debt service ratios – the gross debt service ratio (GDS) and the total debt service ratio (TDS) – both of which are explained on our site. For now, know that a teacher has a lot of buying options in Calgary.

This slideshow requires JavaScript.

Property #1: Downtown Condo
Location: 301-210 15 Ave SE
Asking Price: $400,000
Features: 2 Bed, 2 Bath
Approximate Square Footage: 969
Property Taxes: $2,424 ($202/month)
Maintenance Fees: $394/month
Parking Spaces: 1

This condo is located in Victoria Park and comes with a number of amenities including a gym, hot tub, sauna, games room and theatre. If you were to purchase this condo with a 20% down payment ($80,000), a 5-year fixed mortgage rate of 3.49% and an amortization period of 25 years, your monthly mortgage payment would be $1,596. When you add in other costs, such as monthly property taxes ($202) and maintenance fees ($394), $2,192 of your income would go towards housing each month.

This slideshow requires JavaScript.

Property #2: Suburban House
Location: 52 Evansmeade Cr NW
Asking Price: $403,800
Features: 3 Bed, 2 Bath
Approximate Square Footage: 1,356
Property Taxes: $2,424 ($202/month)
Parking Spaces: 2

If you prefer to live in a detached home with a backyard, this option in Evanston could meet your needs. With a 20% payment ($80,760), a 5-year fixed mortgage rate of 3.49% and an amortization period of 25 years, your monthly mortgage payment would be $1,611. Factor in the monthly property taxes, which are $202/month, and you could pay just $1,813/month to own a home that is only a 30-minute commute to downtown.

When preparing to buy a home, the one you choose will depend on both your personal preferences and priorities. If you work in the city but don’t mind commuting, you can purchase a detached house with a bigger lot in the suburbs. But if you want to have a shorter commute to work, it is possible for a teacher to purchase a condo or townhouse close to Calgary’s downtown core.

advertisement
advertisement

The knowledge bank

A wealth of wealth knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to Ratehub.ca’s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.
advertisement