Edmonton is the most affordable Canadian city to buy an apartment in
Fun fact- did you know that between 1981 and 2016, the number of people living alone in Canada doubled? The country is trending towards solo living, which means you might be trying to buy an apartment in Edmonton by yourself. So, the real estate firm Zoocasa decided to take a peek at what it takes to do so across the country.
And guess what! Edmonton is actually the most affordable market across Canada (out of major cities, of course). Although the down payment ($9,190) cost is slightly higher than the cheapest city, Saskatoon ($8,475), the median income here ($42,360) outweighs that of Saskatoon. So, Edmonton home buyers would have to save their entire earnings for 2.6 months to afford a down payment. Not bad!
Let’s compare that with Vancouver’s stats. Well, with a benchmark apartment price around $650k, they would need to come up with around $40k in order to solidify a down payment. And, the median income in Vancouver is just under $34k.
Time for some quick maths. If you set aside all your earnings to save up, it would still take roughly 14.4 months to be able to afford a down payment, so like 6 times longer than getting an apartment in Edmonton. Not too bad!
Obviously, not many people (AKA like none) are saving their entire income. However, with numbers like that, it’s going to be much easier than most places. Win!