This is the only major Canadian city with average condo prices under $200,000
These days, it seems like Edmonton has become synonymous with more affordable housing.
Alberta’s capital – one of the cheapest cities for rent last month, according to a recent rental agency report – also has the lowest cost for another housing type.
If you want to own a home, according to tech real estate platform Zoocasa, look for a condo in Edmonton.
Zoocasa analyzed the prices of condos in a number of Canadian cities based on averages from the Canadian Real Estate Association (CREA).
The national average price of a condo is $541,500 as of October 2023, according to CREA, down 0.4% on a monthly basis.
In Edmonton, it’s less than half of that.
Of the 40 cities analyzed, Edmonton was the only city in Canada that had an average condo price under $200,000 with the going rate for a property listed at $180,600.
According to a real-estate agent, however, that trend may not last too much longer.
“They’re getting some more demand up there,” said Mark Neustaedter with eXp Realty in an interview with Daily Hive Urbanized.
“Prices went up 11.8% month over month, and [an] 8.9% increase year over year.”
Why’s that happening? He points to Alberta’s economy, job creation, and record highs in inter-provincial migration and immigration creating more need for housing.
With prices of condos also being comparatively low, Neustaedter said that many people take the opportunity and buy investment properties, which can also eventually lead to scarcity.
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