A new housing affordability report from California’s Chapman University has placed Calgary in the “seriously unaffordable” category — meaning buying a home here is still far from easy.

The study looked at 95 major housing markets across eight countries: Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K., and the U.S. It ranked affordability using a median price-to-income ratio (known as the “median multiple”), which compares the typical home price to the typical household income.

Here’s how the scale works:

• Affordable: 3.0 or less

• Moderately unaffordable: 3.1 to 4.0

• Seriously unaffordable: 4.1 to 5.0

• Severely unaffordable: 5.1 to 8.9

• Impossibly unaffordable: 9.0+

Calgary scored 4.8, meaning the median home price is almost five times the median income — officially putting us in “seriously unaffordable” territory.

How Calgary Compares

• Edmonton: 3.7 — the most affordable Canadian market in the study.

• Canada overall: 5.4 — with half of the measured cities rated “severely” or “impossibly” unaffordable.

The report notes that both Edmonton and Calgary could see some economic growth ahead, thanks to rising fossil fuel demand and new pipeline capacity.

Why Housing Got So Pricey

Chapman’s researchers point to big price jumps starting in the 1990s, especially in markets with “urban containment strategies” that limit sprawl. Since the mid-2000s, affordability in Canada has dropped sharply, with Vancouver and Toronto feeling the worst of it.

Lessons from New Zealand

The study highlights New Zealand’s recent housing reforms as a potential blueprint for other countries. These policies aim to lower suburban and rural land prices, which could bring housing costs down.

Chapman suggests that pairing such reforms with migration trends could lead to more stable housing prices worldwide.

Calgary’s Takeaway

While we’re still more affordable than Vancouver or Toronto, Calgary isn’t immune to the same housing pressures hitting major cities across Canada. For many would-be buyers, the dream home still feels just out of reach.