Saving up for a home takes 31 months in Edmonton but 400+ in Vancouver
Rent prices are widely more affordable in Edmonton than in Vancouver, so it’s no surprise it takes way less time to save up for a home in YEG.
The National Bank of Canada’s newest Housing Affordability Monitor has been released, revealing that the first quarter of 2023 saw Canadian housing affordability post the largest improvement in 15 quarters.
The prices in Edmonton stack up extremely well when compared to other major cities across the country, especially Vancouver, Toronto, and Victoria.
In Edmonton, it takes 31 months of saving required for the down payment on a home (with a saving rate of 10%), compared to a staggering 454 months in Vancouver, 304 months in Toronto, and 336 months in Victoria.
National Bank of Canada
Edmonton is now the least expensive Canadian city to buy a house, surpassing Quebec City for the first time, according to the report.
The condo market in YEG is even more affordable, with prospective buyers needing to save up for just 17 months to acquire the minimum down payment.
Edmonton’s sister city, Calgary, is faring well, too. Home prices decreased 1.2% in the quarter, with YYC posting an amelioration in the first quarter of the year.
In YYC, it takes 48 months of saving required for the down payment on a home (with a saving rate of 10%).
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