Why Edmonton is Canada’s Most Affordable City
At Mortgages for Less, we’re always on the lookout for valuable insights to help our clients navigate the ever-changing housing market. In our latest video discussion, Jay Lewis and Josh Tagg dive into why Edmonton has emerged as the most affordable city in Canada—an important factor for anyone considering buying a home.
Edmonton: A Top Contender for Housing Affordability
Did you know that Edmonton is not just affordable within Canada, but it’s also ranked globally? According to recent data, Edmonton clocks in at #5 globally when it comes to housing affordability, making it a prime location for homebuyers. On average, home prices in Edmonton are only 3.8 times the average household income—significantly lower than other major Canadian cities.
The Canadian Housing Crisis: What’s Happening?
As Jay and Josh discuss, Canada is facing a housing crisis fueled by rapid population growth. With Canada’s population now exceeding 41 million and projections estimating it will reach 63 million by 2072, the demand for housing is far outstripping supply. While this crisis is impacting the entire country, Edmonton offers a glimmer of hope for those looking to enter the housing market.
The Role of Interest Rates in Housing Affordability
Interest rates certainly impact the monthly cost of owning a home, but they’re just one piece of the puzzle. Josh explains that while interest rates affect monthly payments, Edmonton’s relatively low home prices mean that the city remains a more affordable option compared to others.
Comparing Edmonton to Other Canadian Cities
How does Edmonton stack up against other Canadian cities? Here’s a quick look:
- Calgary: 5.1 times the average income
- Ottawa & Montreal: 5.7-5.8 times the average income
- Vancouver: A staggering 12.5 times the average income
- Toronto: 10.5 times the average income
It’s clear that Edmonton offers a unique opportunity for homebuyers to find affordable housing while still enjoying a great quality of life. With prices creeping up slowly, now might be the best time to consider making a move.
Why It’s Better to Buy Now
One of the key takeaways from our video discussion is the importance of getting into the market sooner rather than later. As Josh notes, buying a home that’s “good enough” now allows you to start building equity. Over time, as your financial situation improves, you can upgrade to a property that better fits your needs.
Waiting too long could mean missing out on the affordable prices Edmonton currently offers. As prices continue to rise, the window of opportunity may narrow.
Conclusion
Edmonton stands out as a beacon of affordability in a challenging Canadian housing market. Whether you’re a first-time buyer or looking to invest, Edmonton offers the perfect balance of affordability and potential for growth. At Mortgages for Less, we’re here to help you navigate this market and make informed decisions that set you up for long-term success.
For more insights and expert advice, be sure to watch our full video and stay tuned for our next update!
