How many years of income does it take to buy a home in Edmonton? #mortgage #housing #housingmarket
In 2019 the estimated ratio of the average selling price of a home (all-residents: single detached and condos) in Edmonton relative to median after-tax income of Edmonton households has dropped to 3.30 compared to previous years. A ratio of 3.30 means it would take the average household in Edmonton with estimated median household income (after-taxes) of $109,200 to pay for an average residence in 2019. In 2019 the average residence price was $378,289.
The average price of a single family detached home in Edmonton in 2019 was $425,068 while the average condominium price was $227,429,
The highest ratio of housing prices to income in Edmonton between 1975 and 2019 was 4.21 in 2008 when the financial crisis hit the US and Canada.
Compared to Vancouver and Toronto, it takes far fewer years to pay for a home. The average ratio of Vancouver housing prices to pre-tax income of an average Vancouver working couple in 2019 was an astounding 13.42 with average homes selling for $1,002,418. That means it would take nearly 14 years for a couple to pay for an average home in Vancouver. In Toronto that ratio is roughly 12.5 years of combined income of a working couple to purchase a median priced home.