Can I afford to buy a home in Edmonton?
Great news, Edmonton remains one of the most affordable cities in Canada, and the median income per economic family is the highest in Canada *per Stats Canada Income Survey in 2020..
To purchase an average-priced single-family home for $425,000 in Edmonton with a minimum 5% down payment ($21,250), with today’s qualifying interest rates, borrowers would require a combined income of approximately $95,000. Additional qualifying criteria apply.
The approximate monthly payment on this mortgage is $2253/month based on a 5-year fixed rate of 4.19% and a 25-year amortization.
For tips on saving your down payment: Saving your Down Payment
Multi-family residences such as condos or townhomes are even more affordable.
*Alberta's MLS sales in April slowed from the first 3 months of the year, but it remains the best April on record and the fourth-best sales month on record. Overall, sales continued to be strong in most markets. The provincial unemployment rate dropped significantly in April and is the best unemployment rate since April 2015. *Source Sagen Alberta Housing Market Update April 2022
If your goal is homeownership, ETown Mortgage is your place to start.