Edmonton
Edmonton is the capital city of Alberta, a province in Canada. Edmonton is known for its culture, attractions, history, and natural beauty. This city is home to the largest living history museum in Canada, the largest historical park in Canada, and the largest mall in North America.
Many families that moved to Edmonton are actually impressed by the friendly nature of Edmontonians. In 2014, this Canadian city was ranked as the 8th most visited and liveable location in Canada, British Columbia, by MoneySense Magazine in terms of real estate market, weather, amenities, and attractions.
The families living in Edmonton are aware of the financial perks of the city. It’s the most affordable city in North America. Oxford economics has presented a report on the North American housing market affordability. According to this report, Edmonton is the 4th most affordable Canadian city on the continent.
Average Housing Price in Edmonton
There was sustained growth in the housing market of all construction styles throughout the pandemic this year. In March, the average housing price in the city was approximately $415000 and continuous growth was expected throughout the year.
This year there was a slight increase of around 10 percent in single-family detached homes. Prices vary depending on the construction styles & location. There was also a little drop in the real estate prices of townhouses and the average cost is approximately $393000.
Living in Edmonton is relatively less expensive but there is a perk in rental prices. Rent in Edmonton has always been high but it is still 4.9% less than in Calgary which is another major city located in Canada. Although houses here are quite affordable.
The average cost of living in Edmonton is around $3490 for a family having 4 members. The monthly cost of a single person in the city is around $974. A person with low-income service can enjoy a quality life in Edmonton.
Real Estate Market Outlook 2023 in Edmonton
The real estate professionals in the city have many predictions for the real estate prices of the city. Although the market appears to be a little down, it always remains hot for its buyers. It is predicted that house prices will be a little higher next year because of the mismatch between home buyers and supply demand.
Capital economists are expecting a rise of around 8 percent in mortgage rates. On the other hand, moderating the housing demand is also at play in the city and the pending lists in the city are down from previous years. The main reason for a little hike in housing prices is that homes on the real estate market are continuing to fall. There is an increase in new active listings of larger properties and there is a gradual adjustment in the expectations of sellers.
Despite all these reasons, people with average income can buy their own house in the coming year. The houses here are still affordable and are available in different sizes and styles. You can buy a well-constructed house according to your requirements.
