Calgary prices drawing in millennials in droves

The share of millennial mortgage-holders in the city significantly outstrips the national average.

Calgary has emerged as a prime affordability destination for millennial would-be homeowners, according to Borrowell.

This is despite new figures from the Calgary Real Estate Board showing that the city’s average home price reached $488,043 in August, up from $470,271 during the same month last year.

“What we found is there’s a high degree of affordability in Alberta’s market, and that translates into relatively high rates of millennial home ownership,” said Andrew Graham, CEO and co-founder of Borrowell.

This was particularly apparent in the 30-39 age cohort. In Calgary, approximately 39% of this demographic held mortgages, versus the national average of 35%.

To compare, the share of 30- to 39-year-old mortgage holders in Vancouver and Toronto was at 24%.

“The high cost of housing is hitting millennials especially hard in those cities,” Graham said.

Members of Generation X (40- to 49-year-olds) also find Calgary to be the most affordable market in Canada (54%), along with Edmonton (53%).

“The study clearly shows that affordability is a key driver in home ownership, and where we’re seeing that especially clear is in the millennial age bracket,” Graham said.

MBN

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