For many in Calgary, owning a home seems out of reach – Calgary

A survey by Rates.ca found that half of Calgary families need to earn at least $11,000 more to afford a median-priced home.

The national deficit is $65,000, making homeownership a distant dream for some.

“A lot of parents help their kids with their first home,” said Jack Mintz of the University of Calgary’s School of Public Policy.

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“I think we should be concerned about those on lower incomes, who have a much harder time achieving the standard of living that most would like,” he said.

Some get creative, like Calgary’s Bill Hornecker, who converted his backyard woodworking shop into a suit for his college-bound son.

“It costs some money, but it makes more sense than trying to find a place for him to get him out of the basement, so it all seemed to fall into place,” Hornecker said.

According to Victor Tran of Rates.ca, the affordability gap is not closing.

“Rates have come down and it should improve a little bit, but not enough to get people into the housing market,” he said.

The affordability gap is greatest in Toronto and Vancouver.

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