Discover Edmonton’s Affordability

Canadians living in the country's largest urban centers are increasingly challenged by skyrocketing real estate prices, making home ownership seem like a distant dream. However, the post-pandemic shift to remote work has opened up new possibilities for many, allowing them to consider relocating to more affordable cities. As living costs continue to rise, Edmonton has become a popular choice for urban dwellers seeking a better quality of life.

Why Edmonton Tops the List

A recent Royal LePage survey conducted by Hill & Knowlton highlighted Edmonton as the top choice for potential homebuyers from the Greater Toronto and Greater Vancouver areas. In the Greater Toronto Area (GTA), 51% of respondents are open to purchasing a home in a more affordable city. Edmonton leads with 19% of the vote, followed by Thunder Bay (15%) and St. John’s (14%). Similarly, 45% of Greater Vancouver respondents favored Edmonton (19%), followed by St. John’s (13%) and Thunder Bay (9%).

In the Greater Montreal Area (GMA), 54% of respondents expressed interest in relocating to a more affordable city. Quebec City was the top choice at 29%, with Sherbrooke (15%) and Trois-Rivières (12%) also being considered.

Edmonton: Affordable and Attractive

Among Canada's 15 most affordable cities, Edmonton stands out. According to Royal LePage, Edmonton ranks fifth, with only 28.9% of a household’s monthly income needed for mortgage payments. This affordability is based on a three-year fixed-term loan at 5.71%, amortized over 25 years with a 20% down payment. Red Deer, another Alberta city, ranks even higher in affordability, requiring just 25.7% of monthly income for mortgage payments.

Ed Lastiwka, associate broker at Royal LePage Noralta Real Estate in Edmonton, emphasized, “Edmonton offers significant value for homebuyers compared to other large Canadian urban centers. With a $500,000 budget, you can purchase a quality family home on a sizable lot near desirable amenities.”

Join the Movement to Edmonton

Interprovincial migration to Edmonton has surged, with many new residents relocating from Ontario and British Columbia. This includes young families looking for affordable living and retirees seeking a lower cost of living. Lastiwka notes that as more people discover Edmonton’s affordability and quality of life, the city's population is projected to grow by approximately 100,000 in the coming years.

“As Canadians look to escape congestion and seven-figure home prices, Edmonton stands out as a prime destination for many willing to relocate,” Lastiwka added. “Although home prices are expected to rise with increased demand, they will remain comparatively affordable.”

Ready to Make the Move?

Discover why so many Canadians are choosing Edmonton for their new home. For more information on Canada’s most affordable cities, check out Maurice Anderson's 2024 Most Affordable Canadian Cities report and take the first step towards affordable homeownership today!