Edmonton is one of the most affordable cities for first time homebuyers

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Thinking of buying a home? Compared to the rest of Canada, Edmonton is looking pretty good.

According to a new study published by EdmontonHomes.ca, Edmonton ranks in the top five of Canada’s most affordable cities for first-time homeowners.

The website’s research, conducted by real estate experts, compared and ranked the 25 most populated cities in Canada across three metrics: average annual income compared to house prices, property tax and electricity bills to reveal the most affordable city for first-time homeowners.

With an affordability score of 46.4, Edmonton landed in fifth place on the list. Electricity reportedly costs 1.87 % of the city’s $84,000 median income annually. Meanwhile, average housing fees make up 29.04% of Edmontonians’ salaries.

St. John’s ranks first on the list with an affordability score of 58.8 points out of 70. The city’s median salary of $104,630 makes up 37.31% of homeowners’ salaries. For a $500,000 home, property taxes cost them $3,650, which is 3.49% of residents’ median income. The average annual electricity expense for homeowners is $1,656, or 1.58% of their annual income.

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Quebec City faired fourth on the list with an affordability score of 52.2 out of 70. The average price of a home in Quebec’s capital is $357,754, with a homeowner’s income of $104,860 on average, making up 29.31% of the price.

For a $500,000 home, property taxes will cost a homeowner $4,389, or 4.19% of their yearly salary. Quebec City has some of the most affordable electricity rates in the nation, with new homeowners paying only 0.84% of their annual income toward their electric bills.

Other cities to make up the top five include Regina and Saskatoon. Calgary placed seventh on the list, with an affordability score of 37.5.

Here’s how the rest of the top 10 rounded out:

EdmontonHomes.ca