Edmonton is the most affordable major city to buy a home in Western Canada
If you are looking to buy a home, it certainly seems like Edmonton is the place to be when it comes to the biggest bang for your buck.
According to a new roundup by Zoocasa, the prairie provinces actually make up half of the affordable areas in the country, with YEG coming out on top as the cheapest major city in western Canada.
The average home price in September 2022 in Edmonton was $382,610, with an income of $62,313 required for an average home in the city. The median household income came in at $107,450.
Compare that to the average home price in Vancouver at a staggering $1,232,213 and an income of $200,400 required for an average home in that city. The median household income, however, came in at just $98,640.
Zoocasa
Our friends to the south in Calgary are also relatively affordable, with the average home costing $511,739 and an income of $82,213 required for an average home in the city. The median household income landed at $109,520 in cowtown.
To determine the extent of affordability for median-income households, Zoocasa says it calculated the maximum mortgage a household with a median income could afford, assuming a 5.14% interest rate, and a 25-year amortization. Other typical household expenditure was not considered.
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