The journey towards buying a home can be a long one, and a new report has revealed just how much money you need to make to afford one in Edmonton.
The minimum annual income needed to buy an average home in Edmonton last year was calculated by Ratehub.ca, and with people turning to our city as a haven for cheaper real estate, it’s definitely showing in the prices.
Looking at the change in income required between January and December 2024, YEG saw a rise in the cash needed on hand, bumping up by $1,050.
The peak of the amount a homeowner hopeful needed to earn was hit in June when it stood at $86,920, with the stress test rate at 7.49% and the mortgage rate at 5.47%. The lowest amount needed was in November when it stood at $81,910. The stress test rate for that month was 6.81%, and the mortgage test rate was 4.81%.
As of December 2024, the minimum yearly income required to buy a home in Edmonton sat at $83,330.
Ratehub
Edmonton was one of the few cities in the country that saw an increase in the minimum income required to afford a home in 2024, with just St. John’s and Fredericton besting it with $2,370 and $6,130, respectively.
Our pals down in Calgary saw an overall drop of $2,500 last year, while Vancouver led the country with a decline of $12,400.
If you are not into the idea of buying a home or simply can’t afford one, a new report also laid out where you can find the cheapest and most expensive rent in Edmonton. Best of luck!
Check out the full Ratehub.ca report on how much you need to earn to buy a home in Canada in 2024.