Calgary

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Housing

Information on finding accommodation, understanding rental agreements, and housing options in Calgary.

Sections

1. Types of Housing Available in Calgary

Calgary offers a variety of housing options to suit different lifestyles and budgets. These include:

a. Apartments/Condos

  • Apartments: Typically found in multi-story buildings, ranging from studio units to multi-bedroom apartments. These are popular among singles, students, and young professionals.
  • Condos: Similar to apartments but owned rather than rented. Condos often come with shared amenities like gyms, pools, and parking.

b. Townhouses

  • Multi-level homes that share walls with neighboring units. They often include small yards or patios and are ideal for families or those seeking more space than an apartment.

c. Detached Homes

  • Standalone houses with private yards. These are common in suburban areas and are ideal for families or those seeking more privacy and space.

d. Duplexes and Semi-Detached Homes

  • Homes that share one wall with a neighboring unit. These are a more affordable alternative to detached homes.

e. Basement Suites

  • Many homeowners in Calgary rent out their basements as separate living spaces. These are often more affordable but may have limited natural light and space.

f. Shared Housing

  • Renting a room in a shared house or apartment is a cost-effective option, especially for students or newcomers.

2. Rental Costs in Calgary

Rental prices in Calgary are generally more affordable compared to other major Canadian cities like Toronto or Vancouver. However, prices can vary significantly depending on the neighborhood, type of housing, and market conditions.

Average Monthly Rent (as of 2023):

  • 1-Bedroom Apartment: CAD $1,300โ€“$1,800
  • 2-Bedroom Apartment: CAD $1,800โ€“$2,500
  • 3-Bedroom Apartment or Townhouse: CAD $2,500โ€“$3,500
  • Basement Suite: CAD $900โ€“$1,500
  • Shared Room: CAD $500โ€“$800

Additional Costs:

  • Security Deposit: Typically one month's rent.
  • Utilities: Some rentals include utilities (heat, water, electricity), but others do not. If not included, expect to pay:
    • Electricity: CAD $50โ€“$100/month
    • Heating (natural gas): CAD $50โ€“$150/month (higher in winter)
    • Water/Sewer: CAD $30โ€“$50/month
    • Internet: CAD $60โ€“$100/month

3. Home-Buying Costs in Calgary

Calgary's real estate market is relatively affordable compared to other Canadian cities, though prices have been rising in recent years due to demand.

Average Home Prices (as of 2023):

  • Detached Homes: CAD $600,000โ€“$800,000
  • Townhouses: CAD $350,000โ€“$500,000
  • Condos: CAD $250,000โ€“$400,000

Additional Costs for Buyers:

  • Down Payment: Minimum 5% of the purchase price for homes under CAD $1 million.
  • Mortgage Insurance: Required if your down payment is less than 20%.
  • Closing Costs: Typically 1.5%โ€“4% of the purchase price (includes legal fees, land transfer tax, home inspection, etc.).
  • Property Taxes: Approximately 0.74% of the home's assessed value annually.

4. Housing Procedures

a. Renting a Home

  1. Search for Rentals:
    • Use online platforms like RentFaster.ca, Kijiji, or Facebook Marketplace.
    • Work with local rental agencies or real estate agents.
  2. Application Process:
    • Submit an application with proof of income, references, and identification.
    • Some landlords may require a credit check.
  3. Lease Agreement:
    • Review the lease carefully before signing. Ensure it includes details about rent, utilities, and rules.
    • Most leases are for 12 months, but shorter terms may be available.
  4. Move-In Inspection:
    • Conduct a walkthrough with the landlord to document the property's condition.

b. Buying a Home

  1. Get Pre-Approved for a Mortgage:
    • Work with a bank or mortgage broker to determine your budget.
  2. Hire a Real Estate Agent:
    • A licensed agent can help you find properties, negotiate offers, and navigate the buying process.
  3. Make an Offer:
    • Submit a formal offer to purchase. This may include conditions like a home inspection or financing approval.
  4. Closing the Sale:
    • Work with a lawyer to finalize the transaction and transfer ownership.

5. Neighborhood Considerations

Calgary is divided into four quadrants: NW, NE, SW, and SE. Each has its own character and amenities. Here are some popular neighborhoods:

a. Downtown and Inner-City Areas

  • Beltline: Trendy area with high-rise apartments, restaurants, and nightlife.
  • Mission: Known for its riverside location and boutique shops.
  • Kensington: A vibrant area with cafes, shops, and a mix of housing options.

b. Suburban Areas

  • Evanston (NW): Family-friendly with newer homes and good schools.
  • Mahogany (SE): Features a large lake and modern housing developments.
  • Aspen Woods (SW): Upscale area with luxury homes and excellent schools.

c. Affordable Areas

  • Forest Lawn (SE): More affordable housing but with fewer amenities.
  • Huntington Hills (NW): A mix of older homes and rental options.

d. Proximity to Work and Transit

  • Consider neighborhoods close to your workplace or near Calgary's CTrain (light rail) stations for easy commuting.

6. Tips for Navigating the Calgary Housing Market

  1. Start Early: The rental market can be competitive, especially in summer when many people move.
  2. Set a Budget: Factor in rent/mortgage, utilities, and transportation costs.
  3. Inspect Properties: Always visit a property in person before signing a lease or making an offer.
  4. Understand Tenant Rights: Familiarize yourself with Alberta's Residential Tenancies Act, which outlines your rights and responsibilities as a tenant.
  5. Negotiate: For rentals, you may be able to negotiate rent or lease terms. For purchases, work with your agent to negotiate the best price.
  6. Be Aware of Scams: Avoid sending money without seeing the property or meeting the landlord/agent in person.

7. Community Resources

  • Calgary Housing Company (CHC): Offers affordable housing options for low-income families.
  • Newcomers Centre: Provides housing assistance and settlement services for immigrants.
  • RentFaster.ca: A popular platform for finding rental properties.
  • Calgary Real Estate Board (CREB): Offers resources for homebuyers and sellers.

By understanding the housing options, costs, and procedures in Calgary, you can make informed decisions and find a home that suits your needs. Whether you're renting or buying, Calgary's diverse neighborhoods and housing market have something for everyone.