You need to make at least $62,000 a year to buy a home in Edmonton right now
If you want to buy a home in Edmonton, you would have to make at least $62,000 a year, a new study has found.
In Edmonton, average home prices would need to fall $17,000 – 4% of the 2021 value – to make it affordable for a typical young person to carry a mortgage that covers 80% of the value of an average-priced home at current interest rates.
When you translate that to what you can get with a salary, typical full-time earnings would need to increase to $62,000/year, which is 5% higher than current levels. Time to ask the big boss for a raise!
Generation Squeeze
The report added that it takes nine years of full-time work for the typical young person to save a 20% down payment on an average-priced home, three more years than when today’s aging population started out as young people. We are down bad, phew.
For Edmontonians that are locked out of home ownership, the average rent for a two-bedroom unit in Edmonton in 2021 was $15,240 per year, compared to average rents closer to $13,319 per year in 1981.
Things could be worse though– nationally you need to make $108,000 per year to afford a home and in Metro Vancouver that number skyrockets to $186,000.
Homes in New Brunswick, Newfoundland and Labrador, Saskatchewan, PEI, and Nova Scotia have the lowest average prices, while Quebec and Alberta fall somewhere in the middle.
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