Edmonton average house prices have seen a HUGE $15K increase | Daily Hive

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Housing affordability in Edmonton is becoming increasingly out of reach, with the average price of a home and the income required to buy one increasing dramatically this winter.

A new report from Ratehub.ca calculated the minimum annual income required to buy an average home in some of Canada’s major cities based on real estate data from December 2024 and January 2025.

The report details how changing mortgage rates, stress test rates, and real estate prices impact the income required to buy a home.

According to the report, the average home price in Edmonton was $412,200 in January, a staggering $14,800 price increase from the previous month.

The average income required to purchase a home also increased in Edmonton over this period, rising by $2,890 to $95,150.

“Home affordability conditions worsened across Canada in January, as fixed mortgage rates stabilized and home prices rose in many of the nation’s major markets,” Ratehub said.

“This marks the second month in a row where affordability worsened; prior to the November over December 2024 numbers, affordability was improving for a solid five months, leading to an overall uptick for the year as a whole.”

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Ratehub

Ratehub noted that the average five-year fixed mortgage rate remained unchanged from December at 4.7 per cent, with a corresponding mortgage stress test rate of 6.7 per cent.

The income required to purchase a home increased in 12 of 13 major Canadian markets. Fredericton, the only city to see affordability improve, saw the average home price drop by $2,300 between December and January, with the average income falling by $450.

Hamilton saw the highest spike in housing costs; the Southern Ontario city experienced a $20,900 increase in the average house price and a $4,050 bump in the income required.