Edmonton Holds Onto Its Title as Canada's Most Affordable Big City

Edmonton's reputation as one of Canada's best-value big-city housing markets got fresh confirmation this week, with a new industry report crowning it the most affordable major market in the country among cities with more than a million residents.

Tom Shearer, broker and owner of Royal LePage Noralta Real Estate, says the city's pricing has simply stayed remarkably steady over time. The Royal LePage 2026 Most Affordable Canadian Cities Report found Edmonton has actually become more affordable since 2024, even though that year marked the city's strongest resale market on record.

The study measured affordability by comparing the average home price and resulting mortgage payment in 62 markets against local median household income. In Edmonton, where the average price sits at $472,300, the estimated monthly mortgage payment of $2,120.75 works out to 26.3 per cent of the area's $96,600 median income, an affordability factor that ranked seventh best overall and improved from 28.9 per cent in 2024.

Alberta cities dominated the top of the rankings, with Lethbridge topping the list at an 18.9 per cent affordability factor, followed closely by Red Deer in fourth spot. Royal LePage's Anne-Elise Cugliari Allegritti says falling or flattening prices combined with lower interest rates and rising wages have improved affordability in most regions this year, though Alberta's comparatively high median incomes give it a distinct edge. Calgary, by contrast, ranked 24th in the same study, while Toronto placed 48th.

Shearer credits Edmonton's wage growth, particularly in the oil and gas sector, with helping offset home price increases. He says the province's strong economy continues to make Edmonton an attractive landing spot for newcomers and people relocating from pricier parts of the country in search of affordable housing.