You have to save up for two and a half years to buy a home in Edmonton

In the market to move out of that apartment and buy your own home in Edmonton? Well, start saving those pennies now.

A new Housing Affordability Monitor report by the National Bank of Canada showed that housing affordability in Canada in the first quarter of 2022 had the worst quarterly deterioration in more than 27 years.

The worst deterioration of affordability in quarter one was Victoria, Toronto, Vancouver, and Hamilton. Which city had the least deterioration in affordability, you ask? Edmonton!

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On average it takes 31 months of saving required for the down payment of a $445,395 home, with a saving rate of 10%.

Things could be much, MUCH worse though. The number of months it takes to save up for a home in Vancouver? A casual 452, which works out to more than 37 years.

The report states that home prices in Edmonton rose just 1.1% during the quarter, the slowest growth in the markets covered.

That, combined with only moderate growth in wages and rising interest rates, contributed to increasing the MPPI by 1.5 pp in the quarter, the slowest increase amid markets covered but the fastest in this city since 2010.

Edmonton remained the second least expensive Canadian city to buy a house, only surpassed by Québec City, and was still the least expensive city in which to buy a condo.

National Bank of Canada

Our sister city to our south, Calgary, is faring decently well, too.

On average it takes 38 months of saving required for the down payment of a $533,082 home, with a saving rate of 10%.