Anyone that lives in Edmonton knows it has its financial perks. In fact, compared to cities all across North America, Edmonton is one of the most affordable.
The latest North American housing affordability report from Oxford Economics found that Edmonton is the fourth-most affordable city on the entire continent. It was beat out only by Chicago, which came in first, Quebec City and Columbus, Ohio.
When it comes to the least affordable cities, it’s no surprise that Vancouver leads the pack, followed by Boise, Idaho, Toronto, Portland, Oregon and Hamilton rounding out the top five.
Although it’s expected that housing affordability will worsen slightly in Edmonton over the next year, homes in the Prairies are forecast to remain well within the borrowing capacity of local households in the medium term, according to the report.
It also indicates that affordability is predicted to worsen next year across Canada, despite the forecast for a plateauing of house prices, due to mortgage rates rising from historically low levels.