Saving up for a home takes 30 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, too.
The National Bank of Canada’s newest Housing Affordability Monitor has been released, revealing that quarter two of 2022 saw the worst deterioration of housing affordability in 41 years.
It’s not all doom and gloom though — Edmonton stacks up extremely well when compared to other major cities across the country, especially Vancouver, Toronto, and Victoria.
In Edmonton, it takes 30 months of saving required for the down payment on a home (with a saving rate of 10%), compared to a staggering 472 months in Vancouver, 382 months in Toronto, and 399 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 15 months to acquire the minimum down payment.
Edmonton’s sister city, Calgary, is faring well, too. Home prices increased just 1.9% in the quarter, the second least important home price growth behind Edmonton.
In YYC it takes 39 months of saving required for the down payment on a home (with a saving rate of 10%).
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