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As one of the most affordable cities in Canada, it’s no surprise that many people are considering making the move to Edmonton. But just how affordable is it? What is the cost of living in Edmonton? Let’s break it down.
Cost of Housing in Edmonton
Based on our most recent real estate market update from December 2021, the average for single family homes in Edmonton was $462,000, a 7% increase from the previous year.
With 20% down at a mortgage rate of 2.69% and an amortization period of 25 years, that would bring your monthly payment to $1691.
Even with the yearly increase, that same home in Vancouver or Toronto for example would be well over a million dollars! Over double the price.
The average for condos were around $217,000 and duplexes at $363,000.
If you were to rent, for a 3 bedroom home the rent would be an average of $2,000.
This average price is influenced by different factors like location, and renovations. To get a better sense of what you can get within that price range search the homes through the link below.
Cost of Utilities in Edmonton
You can expect to pay around $3,000 a year in utilities for water, heat, and electricity – however there are a lot of variables. Because we have such drastic weather changes between summer and winter, you can expect your utilities to fluctuate. For electricity and heat we have different service providers available meaning we have different rates available as well. Your utilities will also very much depend on the size and age of your home. For TV and internet, together you can expect to pay around $120 a month.
Cost of Food in Edmonton
According to Statistics Canada in 2019, the average household could expect to pay around $10,000 a year in food, and that includes restaurants as well. Now this all will vary from person to person depending on lifestyle. At the current time, we’re in a weird situation with COVID and supply chain issues causing a lot of inflation – including groceries.
Cost of Transportation in Edmonton
In Edmonton we have a bus system and an LRT system. One ticket for an adult is $3.50, a monthly pass is $100 a month.
Cost of Healthcare in Edmonton
Most residents will have healthcare coverage under the Alberta Health Insurance Plan. If you are new to the area, be sure to apply right away. Even though this program covers a lot, there are some things it doesn’t cover, like emergencies, medications. You are able to get additional benefits – some employers offer benefits as a part of their compensation, or you can apply for your own through providers like Blue Cross.
Cost of Childcare in Edmonton
For a long while, childcare was a huge expense for parents, averaging around $900-$1200 a month for one full time child. Fortunately, the government has recently announced a new daycare subsidy program. For example, a family earning $120,000 with an infant attending daycare full-time currently pays on average $1,172 per month – as of early 2022, this family can expect to pay an average of $284 per month.
Average Salary in Edmonton
Minimum wage in Edmonton is $15.00/hour. The average salary is $71,874, or around $35/hour.
Overall Edmonton is fairly consistent in cost and growth. If you are thinking of moving to Edmonton and still have questions, feel free to send me a message, I’m always happy to help!