This is how much it costs to rent in Calgary compared to owning a home

With rental prices in Calgary on the rise and expected to increase, the thought of buying a home instead of renting may have crossed your mind.

If you're paying a lot for rent and you don't own the place you live in, paying a little more — but at least having something to call your own — can seem forced.

However, it may not be as affordable as you think.

According to a recent analysis report by online housing platform Zoocasa, mortgages in Calgary cost more than rents on average.

According to Zoocasa, the average monthly mortgage payment for Calgary in January was $2,540. By comparison, the average asking rent that month was $1,896.

The company's data also shows the median home price in Alberta's largest city is $554,500.

Our neighbors to the north are probably taking our time with the focus on affordability.

“Edmonton is positioned as an affordable alternative to the Calgary market,” it said.

Also, Edmonton's average monthly mortgage payment was about $1,000 cheaper than Calgary's.

Zoocasa analyzed 26 markets in Canada and compared monthly rent prices and monthly mortgage payments using average prices in December 2023 to determine whether it is more affordable to rent or buy in each city.

Among the cities analyzed, Calgary was in the middle of the pack with mortgage payments of $2,540 per month. Places like Victoria ($3,930) and Mississauga ($4,705) were slightly more expensive per month for a mortgage.

The gap between monthly mortgage payment and rent in Vancouver was $2,174, compared to a difference of $664 in Calgary, Vancouver's median rent was $3,180, and the city's median monthly mortgage payment was $5,353.

The rental price numbers were obtained from Rentals.ca and calculated by finding the average price of one-bedroom and two-bedroom rentals. Monthly mortgage payments are calculated assuming a 20% down payment and a 5-year fixed mortgage rate of 4.84% amortized over 25 years.