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Edmonton the fifth most affordable city in Canada: report

Edmonton is Canada’s fifth most affordable city, according to Royal LePage’s inaugural affordable cities report.

The real estate company calculated the relative affordability in Canadian cities based on the percentage of income required to make mortgage payments.

“When shopping for a home, your dollars are bound to stretch farther in Edmonton than they would in most large urban centres in Canada,” said Ed Lastiwka, associate broker with Royal LePage Noralta Real Estate, in a press release.

Edmonton was a notable inclusion on the list of 15 cities as the only city with a population greater than one million, and is more populous than each of the other 14 cities by at least several hundred thousand.

The study also asked residents of Montreal, Toronto, and Vancouver whether they would purchase a home in a more affordable city and where.  Of those who responded that they would consider moving, Edmonton ranked the first choice among Toronto and Vancouver residents.  

“As Canadians continue to seek out an escape from congestion and seven-figure average home prices, Edmonton will be top of mind for many homebuyers willing to relocate,” said Lastiwka. “With approximately 100,000 people projected to move to the city within the next few years, home prices are expected to increase, yet remain relatively affordable.”