City of Champions, Winter City, Festival City and Oil Capital of Canada are just a few of many distinctions Edmonton has picked up over the years. Recently, Alberta’s capital has earned another title: the most affordable major city in Canada.
A recent study has revealed despite any ups and downs, the Edmonton real estate market is better than it’s been in years. In reviewing numbers from 2007 (before the real estate crash of the following year), experts have determined homes are only slightly more expensive now (2022) than they were then - with average prices compared at $361,000 and $350,000 respectively.
Though interest rates are also slightly higher than they were in 2007 (in the 6% range), average annual household incomes have leapt from $80,000 to $120,000. In addition, families in 2007 would spend 41% of their before-tax income on housing costs, vs. only 26% today.
In other major markets, such as Toronto, the average 2007 house price was $390,000 but incomes were higher than the Edmonton average. Fast forward to today, and Toronto housing prices have exceeded the one million mark, but incomes are lower than in Edmonton at $71,852.50 vs. $79,642.50. For Toronto homeowners, that’s 78% of their before-tax income dedicated to home costs alone! Metro Vancouver homeowners are also faced with a similar situation, with 2022 home prices reaching $1,313,000 and an average household income of $69,457.50.
Edmonton’s Most Affordable Neighbourhoods
In addition to overall affordability, the study also draws attention to the city’s most affordable neighbourhoods. So, if you’re considering making the move to Edmonton or simply looking for a more cost-effective community to call home, here are a few areas to consider:
1. Beverly Heights
Average Price = $351,000
Minimum Price = $235,000
Highest Price = $799,000
Beverly Heights is a mature community located in Northeast Edmonton. Once part of a standalone town in the late 1800s (Town of Beverly), Beverly Heights amalgamated with the City of Edmonton in the 1960s. To this day, the neighbourhood maintains a small-town feel while boasting proximity to the river valley and Downtown Edmonton.
Home styles in Beverly Heights consist mainly of four-bedroom (two-bathroom) detached properties, with average prices starting in the mid-300s. Pre-and post-war bungalows, featuring huge lots and modern upgrades, are especially common. There are also many low-rise apartment-style condos in Beverly Heights, making it ideal for first-time buyers, working professionals and Edmonton real estate investors.
2. Beacon Heights
Average Price = $277,000
Minimum Price = $190,000
Highest Price = $460,000
Beacon Heights is yet another established community located in older Northeast Edmonton. Here too, Beacon Heights was once part of the Town of Beverly and remains one of the oldest neighbourhoods in the city. Three-bedroom single-family homes account for most real estate opportunities in Beacon Heights and include character bungalows, one-and-a-half-story properties and brand-new infill. The perfect starter home neighbourhood, some detached homes start as low as $189,000.
Low-rise apartment-style condos and duplexes round out all remaining home styles in Beacon Heights, with two-bedroom units priced at $30,000 and up. In addition to affordable homes, homeowners enjoy having many popular amenities within arms’ reach, including the North Saskatchewan River Valley, Borden Park, Jasper Ave and Clareview Town Centre.
3. Prince Rupert
Average Price = $332,000
Minimum Price = $89,000
Highest Price = $525,000
Prince Rupert is a triangular-shaped neighbourhood situated 5 minutes north of Downtown Edmonton. The community sits adjacent to Kingsway Mall, NAIT and the Royal Alexandra Hospital and within a short distance of major commuter roads such as Yellowhead Trail, 111th Ave and 109th Street. Those living in this mature community also have convenient access to Unity Square (Edmonton’s Brewery District), the Telus World of Science and the Alberta Legislature grounds.
Home styles in Prince Rupert consist of 60% single-family properties, 34% low-rise, apartment-style condos and a small number of duplexes. Though older, many Prince Rupert homes feature modern upgrades such as new kitchens and bathrooms, upgraded appliances and energy-efficient systems.
4. Queen Mary Park
Average Price = $237,000
Minimum Price = $59,000
Highest Price = $685,000
Perfect for first-time buyers, Edmonton real estate investors and working professionals looking to stick close to the downtown core, Queen Mary Park is known for its affordable low-rise apartments. Prices may start as low as $59,000 for a one-bedroom, one-bathroom unit, ranging upwards of $400,000 for a high-end luxury loft. Single-family homes and duplexes make up the remaining home styles in Queen Mary Park and include plenty of infill opportunities.
Queen Mary Park boasts mature trees quiet streets and plenty of old-world character. In addition to the trendy Edmonton Brewery District, the area also sits within minutes of city centre and the many vibrant shops, services and restaurants of Jasper Ave.
Average Price = $368,000
Minimum Price = $115,000
Highest Price = $874,000
Last but not least, Westwood is a Central Edmonton community with roots dating back to 1910. Most residential development occurred after WWII, resulting in numerous bungalow-style single-family homes. However, many of the area’s detached properties have given way to low-rise apartment-style condos over the years. Starting in the low 100s, Westwood apartment units offer close proximity to NAIT, the Metro LRT line and Downtown Edmonton.
Single-family homes, though less common, consist of everything from infill and luxury homes to quaint starter properties. Most models in the area feature a minimum of four bedrooms, two bathrooms, large lots and modern upgrades.
Other key findings from the 2022 RE/MAX Affordability Survey:
- For 64 percent of Canadians, relocation is among the top sacrifice they’d be willing to make to achieve housing affordability; however, half (50 percent) agree that the farthest they would go would be less than 100 kilometres.
- 56 percent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make
- 38 percent would make the sacrifice of moving to a different city/province/region regardless of distance
- 38 percent of Canadians define housing affordability as a home they can afford that meets their basic needs and includes some liveability elements, such as green spaces and restaurants
- Other affordable neighbourhoods across Western Canada include:
- Victoria, BC – Sooke, Saanich West and View Royal
- Kelowna/Central Okanagan, BC – Rutland, Glenrosa and Kelowna North
- Calgary, AB – Dover, Erinwoods and Abbeydale
- Red Deer, AB – Vanier Woods, Sunnybrook South and Laredo
- Winnipeg, MB – Transcona, North Kildonan and Riverbend
- Brandon, MB – Souris, Wawanesa and Rivers
- Saskatoon, SK – Riversdale, King George and Casewell Hill
Are you thinking about buying or selling a home in the Edmonton area? Get started with our fully comprehensive buyers’ and sellers’ resources, including:
- Six Essential Tips That Make Home Buying More Affordable
- The Terry Paranych Real Estate Group Home Buyer’s Guide
- Your Ultimate Guide to Edmonton Real Estate
Photo credit: shutterstock.comPosted by Terry Paranych on