Buying a home is a major step in adulthood for Edmontonians, and according to the National Bank of Canada, hopeful homeowners need to make $86,000 yearly to afford one.
Savings will go far for those looking to buy in Edmonton as it is the second least expensive city in the country to buy a house after Quebec City.
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The average amount of time needed to save up for a required down payment for a home in Edmonton works out to be 30 months.
The average home in Edmonton’s metropolitan market comes out to nearly $429,000, according to the National Bank of Canada.
If you are in the market for buying a condo, the income threshold drops to nearly $46,000 to afford one, with the average time to amass the required down payment clocking in at 15 months.