Edmonton is found in the top 4 most affordable cities across the globe!

Edmonton is found in the top 4 most affordable cities across the globe!

Edmontonians are already experiencing the great perks of living in the Gateway to the North – from lush and intricate River Valley to discover, to countless festivals to experience the arts year-round, a strong, lively, and unapologetic community, and as of recently, one of the most affordable cities to call home, in the WORLD.

The results of the Urban Reform Institute’s Demographia International Housing Study of Q3 in 2021 are in! This study looks at the affordability of 92 markets across 8 countries, reaching Ireland, New Zealand, Singapore, the U.S., Canada, Australia, and China. The rankings are based on the “median multiple”, or price-to-income ratio, which is calculated by taking the gross median house price and dividing that by the gross median household income, providing a range of 3.0 and under (affordable) to 5.1 and over (severely unaffordable). Its findings share that Edmonton comes in as the fourth most affordable city to live in worldwide.

Despite an “unprecedented deterioration in housing affordability” since the beginning of the pandemic, Alberta, and specifically Edmonton, remains steadfast and affordable for homebuyers through the recent market fluctuations. Even when comparing to the median multiple of 6.0 in Canada, which has seen an increase of 1.6 from 4.4 in 2019, Edmonton is found to be one of two affordable markets within the country, alongside Calgary, while the remaining four Canadian markets are rated as “severely unaffordable”.

UR also shares that Edmonton holds the lowest median multiple within Canada, compared to the west coast hot spot Vancouver, which lands in the third least affordable city with a rating of 13.3, following Hong Kong and Sydney. While the study looks specifically at Vancouver, this trend is reaching smaller markets in the area, including surrounding cities like Chilliwack, Vancouver Island, and the Fraser Valley.

Taking a closer look at the stats in both markets, the average home price in Edmonton lands at $376,859, according to WOWA.ca, with an average annual income of $99,807, per 2022 data from the Average Salary Survey. Comparatively, Vancouver’s average home price is over twice that at $1,180,500, with an average annual income of $92,074. While the notion of Edmonton being an affordable and accessible city for homebuyers is known, diving into the metrics allows for more insight and opportunity for individuals and families who have the flexibility to consider.

Curious which city holds the number 1 spot in affordability? A median multiple of 2.7 was given to Pittsburgh, PA, with Oklahoma City, OK and Rochester, NY tied for the second rank worldwide.

Well, Edmonton, let’s add that feather to our cap and continue to do what we do – making the best of the challenges at hand and coming up on top.

Interested in moving to, or moving within Edmonton? Let’s chat and find a new address to call home!