While getting a home in other parts of Canada looks like Dante’s Inferno, we’re happy to say that Edmonton is decidedly not part of that club. In fact, a recent housing affordability report has placed us amongst the most affordable major cities in the country. Let’s check it out!
The National Bank of Canada’s Housing Affordability Monitor basically takes the average cost of a home, the household income needed to make a down payment, and assumes people are saving 10% of it to do so. And, when compared to the national average, Edmonton’s premium for getting one is roughly half.
HIM: I have a blog where I revolutionize cheesesteak sandwiches
HER: And I saw a buffalo yesterday
HIM: Our budget is $2.9 million
— House Hunters Plots (@HouseBudgets) August 5, 2021
Time for some numbers! According to the report, the representational home in Edmonton costs around $430k, and people need a household income of around $87k to qualify for a mortgage. The best part? It’ll only take 30 months to save up for it if you’re putting away 10% per month.
According to the report, only Winnipeg and Quebec City are more affordable than Edmonton, and only by like 2 months of saving. Curious about the flipside? In Vancouver, you’re going to need a combined income of like $250k, and even then, saving up for the down payment alone will take you 34 years.
Told you it looks like an inferno in other cities around the country. Now, time for some farmers bets about how long it’ll take those residents to realize what they’re missing out on here! We say 5 years, tops.