It’s no secret that house prices in Edmonton have been on the rise lately, but the good news is that they’re much more affordable than in other cities in North America.
A new report from the real estate company Zoocasa shows that the city is one of the most affordable on the continent.
Their findings show that Edmonton has a relatively high median household income of $62,222, making the median home price of $294,815 within reach for many buyers.
According to Zoocasa, Edmonton is the third most affordable market on the continent, only beaten out by two Canadian cities: Saskatoon, Saskatchewan, and Saint John, New Brunswick.
Zoocasa
While housing costs are exploding in Calgary, our neighbours to the south have the highest median household income in Canada, at $64,444. This puts the median home price of $340,741 within reach for many buyers.
Canada generally seems to be doing well in comparison to households in the United States.
The report found eight cities where median-income earners can afford the current median home price, and five of them are located in Canada; Calgary, Winnipeg, Edmonton, Saskatoon, and Saint John all made it onto the list.
Oklahoma City is the most affordable city in the States, with average home prices hovering around $250,000 and the average income sitting at $64,251.
Zoocasa
Despite many Canadian cities making it onto the affordable housing list, the country also suffers from a noticeable income disparity. Canadians generally make less money than Americans and have a wider gap to close when buying houses.
In 2022, the average home price in Canada was still over $30,000 higher than in the US, even though Canadians had a median income that was $20,000 lower.