The future looks grim for students hoping to buy their first home after graduation, as rising prices and an uncertain job market make ownership increasingly difficult.
“My first property will probably be an apartment. There’s no way I can buy a house,” said Cameron Bowden, a psychology student at Mount Royal University.
For students like Bowden, who live in residence, owning a home is a dream that won’t happen immediately.
Challenges of homeownership
According to the Canada Mortgage and Housing Corporation, the average price of a house in 2004 was $297,864. By December 2024, that same house would cost $765,858—an increase of 38.9 per cent.
Wesam Kandil, a Century 21 realtor, said first-time buyers are usually younger people who have been working for five or six years.
“Get your finances in order, talk to a mortgage broker, figure out your game plan—whether you’re ready now or in two years,” said Kandil.
Many students can relate to the financial burden that awaits after graduation, making a large home with a double garage unrealistic.
“I’m going to be looking for all utilities included, like water and electricity. And I want it to be move-in ready—I don’t want to buy the furniture,” said Bowden.
The City of Calgary declined an interview request but provided a link to its housing strategy, where first-time buyers can find information about affordability and the market.
According to Kandil, a typical house in northeast Calgary costs between $570,000 and $650,000. With a minimum five per cent down payment, monthly mortgage payments range from $1,800 to $2,100.
“It’s not about how much you make—it’s about how much you save,” Kandil said.
Students adjust expectations
The realtor recommends that anyone earning $50,000 a year save at least 25 per cent of their income if they plan to buy a home.
“That’s a dream. Not even close,” said Bowden. “So no confidence. Why? Because I got no money.”