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Housing is the biggest expense most Canadians face—but owning a home? That’s still one of life’s most thrilling milestones and a major step toward building long-term wealth.
But that dream is slipping further out of reach in high-priced provinces like British Columbia and Ontario. Soaring real estate prices have left many residents priced out of the very communities in which they grew up.
That growing affordability gap is prompting Canadians to look elsewhere, and for many, Calgary is rising to the top of the list. With detached homes averaging just a fraction of the price seen in Toronto or Vancouver, Alberta’s largest city is becoming a destination for buyers searching for more space, value, and a financially easier path to homeownership.
Breaking Down Property Affordability in Calgary, Toronto, and Vancouver
Alberta’s strong affordability reputation, “The Alberta Advantage,” has attracted thousands of new residents in recent years. In early 2025, the province’s population hit 5 million due to a steady influx of international newcomers and interprovincial migration, with most people moving from Ontario and British Columbia.
Over 27,000 Ontarians moved to Alberta in 2024. In 2023, for the first time in over a decade, more people packed up and left British Columbia than moved in—many trading the coastal lifestyle for Alberta’s wide-open skies and mountain views.
For those chasing the classic Canadian dream of a detached house with a backyard, Calgary delivers where other provinces’ significant cities fall short. Single-detached homes average $760,500—nearly half the price of those in Toronto and almost $1.2 million less than in Metro Vancouver. Most communities in the Calgary region have average prices below $1 million. In contrast, only 27.5% of areas in the Greater Toronto Area fall under that mark.
In Calgary, buyers will find a stark contrast to Greater Vancouver’s steep price tags. While only 27% of regions in Vancouver offer detached homes under $1.5 million, Calgary’s market provides far more options well below that threshold.
Why Put Down a Down Payment When You Could (Almost) Own It All?
If you’ve saved up a 20% down payment in a high-priced market like the GTA or Metro Vancouver, you might be surprised by how much further that money stretches in Calgary. That same down payment could cover nearly half the cost of a detached home in the city. Even buyers with only a minimum down payment may be closer to full homeownership in Alberta than they realize. The average minimum down payment in the GTA now exceeds $356,000, while it’s over $405,000 in Metro Vancouver. That amount alone could cover more than 47% to 53% of the average home price in Calgary.
Calgary-based eXp Realty agent Travis Vanderveen has seen this shift firsthand. “Earlier this year, I had someone walk into an open house and say, ‘My brother’s thinking of moving—what do you have?’” he recalls. “He mentioned that his brother wanted a corner lot, space to park a trailer, and preferably something in a lake community. The home we were showing fit the bill perfectly. His brother bought it sight unseen—with the condition that he could view it during the home inspection. He flew in, fell in love with it, and paid cash. He is now selling his place in Langley for a great price and bought the Calgary property for around $850,000.”
How Much Does It Really Cost to Live in a Detached Home in Calgary?
If you’re house hunting in Calgary for a four-bedroom, single-detached home and prefer something move-in ready, Vanderveen says you should plan for a starting budget between $700,000 and $800,000. Pricing can vary significantly depending on the neighbourhood—some areas offer more affordable options, while others can easily exceed that range.
“Homeowners open to doing some work might find something in or even under the $600,000 range—but those properties are becoming increasingly rare. You’re stepping into luxury territory at the $1.5 million price point. That budget can get you an upscale infill property closer to downtown or a substantially sized home in one of Calgary’s outlying newer communities. It opens the door to some impressive options.”
Newer communities like Mahogany, Rangeview, Seton, and Auburn Bay are perfect for growing families. These areas offer newly built homes paired with top-tier amenities—including the world’s largest YMCA, located in southeast Calgary.
“Some of these neighbourhoods are being developed with their own mini downtowns—complete with restaurants, coffee shops, and walkable streets—so you don’t always need to hop in the car. Just grab your bike or take a stroll,” says Vanderveen.
Despite Demand, Calgary Sees Healthy Inventory Levels for Detached Homes
Robert Lamb, an eXp Realty agent who moved to Alberta from Ontario more than 20 years ago, emphasizes Calgary’s housing market stability. “We haven’t experienced the extreme highs and lows that have led to significant price drops elsewhere,” he explains. Calgary’s benchmark price for detached homes hit about 5% year over year in February, while detached inventory saw a 60% increase. That boost in supply is expected to help balance prices and keep them within reach for new buyers.
Beyond home prices, Alberta offers even more perks that will help create more financial breathing room. “Alberta doesn’t charge a land transfer tax, which means you can save thousands of dollars upfront when buying a property,” Lamb notes. Alberta also consistently ranks highest in Canada for average dual-income households, helping offset rising living costs Canadians feel across the country.
Even Alberta’s most expensive market, Canmore, offers relatively better value. The average price for a detached home there is $1.6 million—still about 30% lower than Greater Vancouver’s $2.4 million average. As a town in the Rocky Mountains with strong Airbnb rental potential, Canmore is also a tempting option for investors looking for occasional short-term rentals.
For buyers in a GTA city like Mississauga, where the average detached home costs around $1.4 million, the case for relocating becomes even stronger. Moving to Calgary could mean cutting housing costs by nearly 50%. That kind of savings can open doors—whether it’s retiring early, living mortgage-free, or using the freed-up equity to invest in a second property.
“At the end of the day, it comes down to what’s keeping you where you are—whether it’s family, familiarity, or your job,” says Vanderveen. “But if nothing is holding you back and you’re looking for a better quality of life, Calgary has a lot to offer. You could trade your one-bedroom condo in downtown Vancouver for a spacious house with a garage, a backyard, and no condo fees.”
Methodology:
- Home prices are based on February figures for single-detached homes from each city’s real estate board. Down payments were calculated using the minimum required for a 25-year mortgage at a 3.84% interest rate.
Ready for a fresh start in Calgary? Whether you’re chasing mountain views, a shorter commute, or more space to breathe, give us a call today. Our local real estate pros know the city inside and out and can help you find a place that fits your goals.
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