Edmonton's Wallet-Friendly Wonders:

Edmonton Top 5 Affordable Cities In CanadaTop 5 on the Affordable Cities List

Stretch Your Dollars Further in Edmonton

“When shopping for a home, your dollars are bound to stretch farther in Edmonton than they would in most large urban centres in Canada," said Ed Lastiwka, associate broker with Royal LePage Noralta Real Estate. And he’s not kidding—your wallet might just throw you a thank-you party.

Edmonton has snagged the fifth spot in Canada on Royal LePage’s inaugural affordable cities report. This report lists the most affordable Canadian cities based on real estate terms and the percentage of income it would take for monthly mortgage payments. In other words, Edmonton is where your budget gets to take a deep, relaxing breath.

Edmonton: A Top Affordable City

Royal LePage, the real estate powerhouse (don't forget about my brokerage Sterling Real Estate), recently unveiled its affordable cities report after surveying respondents on which cities they’d be inclined to move to. Edmonton and Red Deer were the only Alberta cities to make the top five. Red Deer strutted in at third, while Edmonton secured the fifth spot, making them the only two Alberta cities on Royal LePage’s list of 15 affordable Canadian cities.

So, what makes Edmonton so special? Let's roll up our sleeves and dive into the numbers.

The Numbers Game: Edmonton’s Affordability

To quantify the affordability of a city, Royal LePage used median income data from Statistics Canada and city-level aggregate home prices. For Edmonton, the aggregate home price was $442,200, pulled from a 2024 housing survey. The median total household income for Edmonton was listed at $95,900, according to a 2022 report.

Thunder Bay, Ont., Saint John, N.B., Red Deer, and Trois-Rivieres, Que., all landed above Edmonton on the affordability list. However, Edmonton is the largest city among these with over one million people. This makes Edmonton’s affordability as a large city a unicorn in the housing market—rare and absolutely magical.

Population vs. Affordability: Edmonton’s Unique Position

The size of a city, specifically its population, can often drive up the cost of living. Canada’s largest cities like Toronto, Vancouver, and Montreal have significantly more expensive housing costs, whether you’re renting or buying. This makes Edmonton’s position on the affordability list quite remarkable. It's like finding a designer jacket at a thrift store price.

Royal LePage’s affordability list was coupled with a Hill and Knowlton poll, which used Leger’s online opinion poll to survey over 900 respondents from the Vancouver, Toronto, and Montreal areas. According to the report, half of the respondents would consider purchasing a home in one of Canada’s most affordable cities if they found a job or could work remotely. Renters were more likely to relocate than homeowners, with 60 percent saying they’d move compared to 45 percent of homeowners. Seems like renters are more willing to pack their bags for a sweet deal.

Edmonton’s Appeal to Greater Toronto and Vancouver Residents

In the greater Toronto and Vancouver areas, 19 percent of residents said that Edmonton would be their choice of an affordable city. This isn’t surprising to the thousands who have already moved to Edmonton from elsewhere in Canada or around the world. Edmonton's affordability is like a siren song, drawing in homebuyers from far and wide.

The influx of people has had a noticeable effect on housing. An Alberta Real Estate Association report released in April shows home sales in Edmonton up more than 50 percent compared to last year, with the average home price up six percent. Edmonton is clearly the belle of the real estate ball.

The Future of Edmonton’s Housing Market

“Though our supply of homes has historically been plentiful, which has helped property prices remain stable, that has changed since the onset of the pandemic. Edmonton’s affordability has drawn many to the city in recent years, prompting more intense upward price pressure as demand outstrips supply,” said Lastiwka.

The squeeze on housing will undoubtedly drive prices up, but Lastiwka believes it should remain relatively affordable. With approximately 100,000 people projected to move to Edmonton within the next few years, home prices are expected to increase but should still remain within reach. It's like your favorite band getting more popular—the tickets might get pricier, but they're still worth it.

The Edmonton Advantage

So, what does this mean for potential homebuyers? If you’re looking to stretch your dollars further, Edmonton is a prime candidate. With its large population and growing appeal, it’s no wonder that more and more people are considering making the move to this vibrant city. Whether you’re a renter or a potential homeowner, Edmonton offers a unique blend of affordability and opportunity that’s hard to beat.

Conclusion

In a country where large urban centers are often synonymous with high housing costs, Edmonton stands out as a beacon of affordability. With its robust real estate market, ample job opportunities, and a welcoming community, it’s no surprise that Edmonton is attracting attention from across Canada.

So, if you’re in the market for a new home and want to get the most bang for your buck, consider Edmonton. It’s more than just a place to live; it’s a place to thrive. Plus, your wallet might just give you a high five.

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