The definition of a first-time home buyer is self-explanatory. The definition of a starter home in Calgary – well, that has changed in the last 30 years.
A starter home is that first toe into the marketplace – a home with the good, affordable price and excellent value for somebody or some family to enjoy when they are just getting into home ownership.
In the 1950s, starter homes had one or two-bedrooms. A starter home was detached and was either a very old home or perhaps a brand new tract home in one of Calgary’s new suburban neighbourhoods and most new home buyers were in their early 20s. The average home price was $22,000 when an average income was just under $5,000 a year. As you can see, prices these days are not quite in sync.