Home prices in Edmonton are more than $360K below the national average
A new report shows that while Edmonton may not be at the top of Canada’s best places to buy real estate, the city’s average home prices are still far below the national average.
MoneySense.ca and real estate search platform Zoocasa partnered to reveal the best places to buy property in Canada. The report ranks 45 real estate markets from coast to coast and identifies the top neighbourhoods in 13 of the country’s most in-demand real estate markets.
Edmonton is ranked 17th out of 45 cities. The 2023 benchmark price in Alberta’s capital city was $370,100, with a value score of 2.82 out of 5.
The value score is based on a scale of zero to five, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
“Fuelled by demand from international and interprovincial migration, home prices in Edmonton followed a relatively consistent upward trend throughout 2023,” MoneySense writes.
“The benchmark home price rose from $359,500 in January 2023 to a high of $376,800 in June. After the summer peak, the benchmark price dipped and finished the year at $370,500, an increase of roughly 3% from the beginning of the year.”
While Edmonton is near the middle of the pack when it comes to being the best place to buy real estate, the benchmark home price in YEG is still a whopping $364,217 below the national average.
So, where is the best place in Canada to buy real estate? According to the report, Atlantic Canada is where people should park their money.
moneysense.ca
The report shows that the Greater Moncton area is the best place in Canada to buy real estate. The benchmark price of a property in Moncton is $328,383, and its value score is 4.68 out of five.
Another New Brunswick city took the second spot, with the City of Saint John posting a benchmark price well below the national average at $286,592 and a value score of 4.36.
The report’s findings are based on a methodology that considers average home prices, price growth over time, neighbourhood characteristics and economic data.
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