Despite improving more than any other Canadian city in affordability rankings, Calgary families still need more income today to afford a typical down payment on a home than they did a decade ago.

A new study from the Vancouver-based Fraser Institute looked at data from 2014 to 2023 and found that housing affordability worsened across every major Canadian city.

On average across Canadian cities, a 20 per cent down payment on an average home climbed from around 14.1 months of median family income in 2014 to 22 months in 2023, a 56 per cent jump. Mortgage payments also increased sharply, from 29.9 per cent in 2014 to 56.6 per cent of income in 2023.

The report says that by 2023, no major Canadian city had homes on the market that were affordable for families earning the local median income

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