Edmonton, Red Deer among cheapest places for real estate in Canada: survey

A file photo of homes for sale in Edmonton.

With housing prices on the rise, Edmonton and Red Deer find a way to be among the most affordable cities for homebuyers in Canada.

A survey released by Royal LePage on Wednesday calculated the percentage of household income needed to pay a monthly mortgage based on a three-year fixed-term loan at 5.71 per cent, amortized over 25 years with a 20 per cent down payment.

According to the Royal LePage 2024 Most Affordable Canadian Cities Report, these are the top cities which won't won't leave a hole in your wallet:

1. Thunder Bay, Ont. - 22.2 per cent of household's monthly income
2. Saint John, N.B. - 25.1 per cent
3. Red Deer, Alta. - 25.7 per cent
4. Trois-Rivières, Que. - 28.5 per cent
5. Edmonton, Alta. - 28.9 per cent
6. Regina, Sask. - 29.1 per cent
7. St. John's, Nfld. - 30.1 per cent
8. Quebec City, Que. - 30.8 per cent
9. Sherbrooke, Que. - 30.8 per cent
10. Winnipeg, Man. - 31.8 per cent

• Sign up for breaking news emails from CTV News Edmonton, right at your fingertips

"When shopping for a home, your dollars are bound to stretch farther in Edmonton than they would in most large urban centres in Canada. Here, a budget of $500,000 can get you a quality family-sized home on a sizable lot within proximity to desirable amenities," said Ed Lastiwka, an associate broker at Royal LePage Noralta Real Estate. "Though our supply of homes has historically been plentiful, which has helped property prices remain stable, that has changed since the onset of the pandemic. Edmonton’s affordability has drawn many to the city in recent years, prompting more intense upward price pressure as demand outstrips supply."

The report surveyed 900 residents, aged 18 or older, living in the greater regions of Toronto, Montreal and Vancouver using an online panel.

The survey asked respondents in these markets if they would consider buying a property in cheaper cities if it meant they could work remotely or find a job.

The following percentage of the respondents would consider relocating to a cheaper city:

• 51 per cent in the Toronto area
• 54 per cent in the Montreal area
• 45 per cent in the Vancouver area

According to the survey, Edmonton leads as the top choice for residents in the Toronto and Vancouver area who are considering a potential move.

The full Royal LePage report can be viewed in its entirety here.

There is no margin of error with a non-probability sample, according to Royal LePage, but it added that for comparative purposes, a probability sample of 900 respondents would have a margin of error of +/- 3 per cent, 19 times out of 20.