Calgary’s real estate market is no longer among the most affordable major markets in Canada, according to the 2026 Most Affordable Canadian Cities Report by Royal LePage. The study ranked 62 of the nation’s largest markets by the percentage of income required to pay the mortgage for an average-priced home, and Calgary landed in 23rd spot.
Despite the drop in ranking, the city still offers attractive entry points for homebuyers, says Anne-Elise Cugliari Allegritti, director of communications at Royal LePage in Toronto. “By our calculations, it is still more affordable than the majority of other cities we looked at in our study,” she said.
Lethbridge Tops Affordability List
Other Alberta markets fared better, with Lethbridge ranking as the most affordable community in Canada by the study’s measure. Royal LePage calculated the aggregate average price in each market, then determined the monthly mortgage payment for a three-year fixed term at 4.64 per cent with a 20 per cent down payment. The mortgage payment as a percentage of median provincial household income yielded the “affordability factor.”
Cugliari Allegritti noted that Royal LePage chose this metric because it reflects the affordability benchmark used by Canada Mortgage and Housing Corp., which suggests borrowers should not spend more than a third of household income on housing expenses. “But there’s lots of cities where that’s more than 40 per cent,” she added.
Calgary’s Affordability Improves
For Calgary, the study used an average price of $689,100, resulting in a monthly mortgage payment of $3,094.24. With a provincial median household income of $96,600, the mortgage payment amounts to about 38.4 per cent of income. While above the one-third threshold, affordability improved by nearly six percentage points from 2024.
“It has gotten better,” said Natosha Wareham-Bakker, a Calgary realtor with Royal LePage Benchmark. Lower interest rates and higher income are tailwinds for affordability in the city, even as the average price has grown about eight per cent over the past two years, based on Calgary Real Estate Board statistics from May 2024 to May 2026.
Entry Points Still Available
Wareham-Bakker added that higher wages provide buyers with more purchasing power than in other provinces. Calgary’s resale market still has affordable entry points, particularly in the apartment condo segment. “Right now, the apartment condo market is very quiet,” she said. “So there is more opportunity to get in at a good price, whereas detached properties are still seeing multiple offer situations, and price points are higher.”
Overall, the study found that the affordability factor improved in all but one market: Quebec City, which remains affordable compared with larger markets. The findings underscore a mixed picture for Canadian homebuyers, with some regions becoming more accessible while others, like Calgary, remain relatively costly but still offering opportunities.
