Tired of renting? This is how much a monthly mortgage costs in Edmonton
With housing prices on the rise, it appears renters may have the advantage in Edmonton when it comes to monthly housing costs.
According to a new real estate report from Zoocasa, Edmonton is the seventh-cheapest city in Canada to buy a home, with the average cost coming in at $398,960.
Zoocasa calculated how much a monthly mortgage would cost, and if you’re currently in the rental market, it might be better to keep it that way and save for a while.
The real estate site obtained average home prices from the Canadian Real Estate Association and calculated mortgage costs based on a fixed rate of 4.84% with a 10% down payment for homes under $1 million and a 20% down payment for homes over $1 million.
Zoocasa’s analysis utilized biweekly and monthly mortgage payments amortized over 15-year and 25-year terms.
With Edmonton’s average home price, a monthly mortgage would be $2,888 on a 15-year term and $2,119 with a 25-year mortgage.
Compare that to the average cost of a one-bedroom apartment in Edmonton, which is currently $1,312, per Rentals.ca.
Zoocasa
Just to the south in Calgary, the average home currently costs $594,542. With a 25-year mortgage term, Calgarians spend an average of around $3,159 per month.
In Canada’s most expensive city to buy a home, Vancouver, a 25-year term will run you a whopping $5,866 monthly.