Are you looking at moving to Edmonton, Alberta? Unsure of what the cost of living is here? Do you want to know how our job market is related to our housing market? If you answered yes, then this post is for you!

The strength of the Edmonton economy is reflected in the city's continuing employment growth. With a well-diversified industrial & trade base, Edmonton continues to attract individuals seeking employment and investment opportunities. 

Ok, let’s start with some key points about the city of Edmonton and why the low cost of living and higher wages (than most provinces) are great!

1. Edmonton's unemployment rate was the lowest in Alberta during the COVID-19 pandemic, which was responsible for 25% of all net new jobs in Canada over the past 5 years.
2. GDP, Income, and Population Growth Are Three Times the Canadian Average Over the Past 5 Years.
3. $5 billion of public and private investment in the downtown core.
4. With a score of 0.90 out of 1.0, the Conference Board of Canada rates Edmonton's economy as highly diverse.

The economy in Edmonton, Alberta, is very strong and very resilient! Although the cost of housing is significantly lower than in the rest of the country, incomes are generally higher. Experts say that this is the result of exploding economic growth. The metro area of Edmonton has a population of 1,491,000, making it the second-largest city in the province of Alberta. A population this size represents almost a quarter of Alberta, with a competitive employment rate and a steady housing market. People who move to Edmonton may enjoy this balance of higher-than-average incomes and lower-than-average housing costs. Those who are hoping to find a haven from areas with the highest cost of living, like Vancouver or Toronto, could be rewarded with an affordable, pleasant alternative in Edmonton. In addition to higher incomes, many aspects of life in this city are more affordable, such as groceries, dining out, and transportation.

HOUSING COSTS in Edmonton

Edmonton has a lower cost of housing than most other cities in Canada. Home prices in Edmonton track closely to the average home value in Alberta, which is about $400,000. At the national level, Canadian home prices are close to $600,000, around 50% higher than Edmonton.

At more than $1 million, average home prices in the greater Vancouver area are among the most expensive in the country. Toronto is also more than double the price of Edmonton housing, at nearly $900,000 for a typical home.

MEDIAN HOME PRICE

The real estate market in Edmonton shows relatively strong growth from year to year. The change from 2019 to 2020 ranged from 5% to 7%, depending on the type of property. Buyers can expect to pay about $450,000 for a single-family home in Edmonton and closer to $235,000 for a condominium. Prices vary based on the neighbourhood. The median price of a home in Edmonton is about $400,000, compared to around $270,000 for properties in the central part of the Edmonton metropolitan area. The Southwest metro area has the highest home values, which are about $475,000.

MEDIAN RENT PRICE

The cost of renting in Edmonton ranges from nearly $900 per month to $4,000 per month. The smallest flats tend to be the least expensive, starting at $900 per month for a studio and about $1,000 per month for a one-bedroom flat. Single-family home rentals cost the most, at almost $1,700 per month for a three-bedroom home and $2,000 per month for a four-bedroom home. A two-bedroom townhouse bridges the gap, averaging $1,400 per month. However, prices can fluctuate significantly depending on the neighbourhood as well as the time of year and the current housing demand.

Cost of Food and Groceries

The average monthly expense for groceries in Edmonton is about $250 to $400 per week, depending on how much & what you eat of course! Prices are dependent on the products you choose and, of course, your consumption. People who are looking for the lowest prices on groceries in Edmonton should check out stores like No Frills, Walmart, and Superstore for the best savings.

The price of restaurants in Edmonton is all over the place, and you can do a quick web search to find affordable options.

Cost of transportation in Edmonton

The vast majority of people get around Edmonton by car, but there is a decent transit system in place. Gas prices range from 90 cents to $1.45 per litre. The least expensive places to buy gasoline generally include Costco and some smaller independent gas stations. The average price of auto insurance in Edmonton is $2,800 per year, depending on your driving record, accident history, etc.

Calling a taxi averages about $4.50 to start and increases with every kilometre of the trip. A monthly transit pass is approximately $120.00 per month.

Cost of HEALTHCARE in Edmonton

Residents of Edmonton mostly rely on the Alberta Health Care Insurance Plan for coverage, an insurance plan financed and administered by the province. This plan is designed to be fairly comprehensive, but it does not cover everything. For healthcare, the AHCIP provides full coverage for:

• Medically necessary care
• Care required by a doctor
• Testing and other diagnostic procedures
• Surgery
• Hospital stays

As a general rule, the coverage residents will receive depends on necessity. This means that people often need to follow a specific protocol to ensure visits or procedures are covered.

ENTERTAINMENT

With a population of nearly 1.5 million residents, the City of Edmonton offers a variety of great entertainment options. The prices people pay for leisure activities depend on their budgets and the type of entertainment they choose. A trip to the movies will cost approximately $17 for a ticket. Indoor swimming at a public pool or bowling are moderately priced as well.

TAXES

Provinces set tax rates based on a variety of factors, which means that rates can be significantly different across the country. Alberta has a 5% GST sales tax and no PST, which is another great benefit of living here!

SALARIES

The median income in Edmonton is about $50,884 per year. The average household income is $93,454, or $77,936 after taxes. Income tax rates in Alberta are progressive, ranging from 10 to 15 percent.

Edmonton's median household income is relatively high compared to Canada as a whole. The highest-paying jobs include those held by physicians, project managers, pharmacy managers, and architects. As an hourly rate, Alberta's minimum wage is $16 per hour.

Thinking of making a move sometime this year? Or know someone who is? I love helping great people like yourself buy and sell homes in Edmonton (and surrounding areas) and taking the stress out of the process. I absolutely love what I do, and I answer my phone and texts quickly!

Give me a call, a text, a DM, or an email, and we can set up a plan that gets you to your goals with the least amount of stress and the most money in your pocket.

Wendy Gallagher, REALTOR®
EXP Realty
(780) 721-6111