While Edmonton's booming economy has created a demand in the housing market, homes in Edmonton are still among the most affordable of any major Canadian city.

It is possible to rent a two bedroom apartment for less than $1000 per month, with some houses available at that rate. Rental rates can be viewed at CBRE Richard Ellis.

Purchasing a home is also an option, with the average price on a single-family detached home is around $387,000 (March 2008). The Edmonton Real Estate Board provides an overview of the Edmonton real estate market acitivity during the first week of each month.

Rentals usually require a damage deposit equal to the monthly rental amount. Also, landlords and tenants agree to their respective responsibilities when signing a lease, but there are bylaws that govern the minimal requirements such as privacy and health standards.

Types of Housing
There are many housing options in Edmonton:
 
  • Single family dwelling are houses that have basements and backyards. Houses may be purchased or rented.
  • Townhouses (or row houses) are several houses joined together. They usually have basements and small yards. They may be purchased or rented.
  • Apartments are usually in large buildings and rented without furniture. When apartment units and townhouses are purchased instead of rented, they are called condominiums.
  • Furnished suites may be located in large buildings or houses. They usually have two or more rooms, a bathroom and cooking facilities that are separate from other parts of the suite.
  • Individual rooms in buildings or houses are sometimes rented. People may rent one or two rooms and share a kitchen and bathroom with other residents. Furniture is usually included. When meals are provided, tenants are called boarders.

How much will it really cost to buy a home?
Once you have figured out the home price range you can afford and the type of mortgage you qualify for, you will need to calculate all of the associated costs of the transaction including realtor and legal fees to make sure you are financially ready.

CHMC provides a break-down of the total costs incurred when purchasing a home.

 

Edmonton Economic Development Corporation City of Edmonton