Edmonton is one of the rare Canadian cities boasting a stable and affordable real estate market. While first-time Vancouver and Toronto buyers are being priced out of the city, the median price for a single-family home in Edmonton is an affordable $388,000. In contrast, Calgary’s home prices are expected to increase by 2.3 per cent.
You will save yourself plenty of headaches – Securing a home buying mortgage can sometimes be the most frustrating part of the process.
The rules might force Canadians to set their eyes on homes that are up to 20 per cent cheaper. But since few homebuyers are stretching their finances to the limit when applying for a mortgage, the average target price reduction will likely be smaller, $31,000, or 6.8 per cent, according to Will Dunning, chief economist at Mortgage Professionals Canada.