The price of a home in Edmonton increased by more than $10K last month

Edmonton is still one of a handful of major Canadian cities where a single income can purchase a home, though prices are quickly rising.

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 February and March 2024 real estate data.

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

In February, Edmontonians hoping to buy a home needed to make $83,220 per year to afford one. That increased slightly in March to needing $85,100 in take-home pay.

Home prices in Edmonton also increased over the previous month (up $10,600) to $385,900.

“While mortgage rates stayed relatively flat month over month, home prices increased, causing affordability to worsen,” said James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender.

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“The minimum annual income required to purchase an average home increased in 12 of the 13 cities we looked at because of the increase in home prices.”

Our neighbours to the south in Calgary saw an even bigger increase in house costs (up $12,500), with the average income required to purchase a home in that city also rising by $2,180.

Ratehub.ca

Toronto saw the most significant increase again, with $3,400 in additional income required to purchase the average home. Toronto also saw the highest home price jump, increasing by $19,700.

Halifax was the only city that saw improvement, with $350 less income needed to purchase the average home. Laird noted that home prices were also down in this city by $1,600.