Canada housing crisis: Home ownership feels out of reach for many in Calgary, study finds

A study done by Ratesdotca is reporting half of Calgary families will have to make a least $11,000 more in order to afford an average priced home. The national gap is $65,000, making home ownership a distant dream for some. “Many parents are helping their children with a first home” said Jack Mintz with the School of Public Policy at the University of Calgary. “I think the ones we have to worry about are those who are lower income and have a lot more challenge to get to the standard of living most would like,” he said. Some are getting creative like Calgary’s Bill Hornecker who is converting his backyard wood shop into a suite for his son in college. “It costs some money, but it makes more sense than to try and find him a place to get him out of the basement, so it all seemed to fall into place, “said Hornecker. Victor Tran with Ratesdotca said the affordability gap is not decreasing. “Rates have been going down and it should improve slightly but not enough to get people into the housing market,“ he said. The affordability gap is highest in Toronto and Vancouver. Jayme Doll reports. For more info, please go to https://globalnews.ca Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Like Global News on Facebook HERE: http://bit.ly/255GMJQ Follow Global News on X HERE: http://bit.ly/1Toz8mt Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB #GlobalNews #realestate #housingmarket