Edmonton's resale real estate market has been named the most affordable among Canadian cities with a population exceeding one million, according to the Royal LePage 2026 Most Affordable Canadian Cities Report. The city's aggregate average home price of $472,300 results in a monthly mortgage payment of $2,120.75, representing just 26.3% of the median household income of $96,600 — well below the Canada Mortgage and Housing Corp. (CMHC) recommendation that housing costs should not exceed one-third of household income.
Stable Pricing Drives Affordability
Tom Shearer, broker/owner of Royal LePage Noralta Real Estate, attributes Edmonton's strong showing to consistent pricing. "The pricing in Edmonton has just remained so stable," he said. "While it has seen modest gains, it hasn't got out of control, and that has kept Edmonton as a great landing place for newcomers and people from across the country looking for affordable housing."
The report examined aggregate average prices across 62 markets, factoring in a three-year fixed mortgage rate of 4.64% with a 20% down payment. It then calculated the monthly mortgage payment as a percentage of median annual household income by province — termed the "affordability factor."
Improved Affordability Since 2024
Notably, Edmonton's affordability has improved since 2024, when the city experienced its strongest year ever for resales. At that time, the affordability factor was 28.9%, still below the CMHC threshold but higher than today's 26.3%. The city ranked seventh overall among all 62 markets in the 2026 report.
Anne-Elise Cugliari Allegritti, director of communications at Royal LePage in Toronto, noted that Edmonton's affordability remains solid even when compared to its peak market activity. "Home prices have come down or flattened in most regions, and at the same time, interest rates have fallen, and salaries have gone up," she said. "Alberta has certainly been part of that story," with three cities in the Top 10 for affordability.
Top Affordable Cities Across Canada
Lethbridge topped the overall report with an average home price of $338,700 and a monthly mortgage payment of $1,520.85. St. John, N.B., ranked second with the lowest average price ($265,900) and monthly payment ($1,193.96) among all markets. Edmonton's strong showing underscores its position as a leading destination for affordable urban living in Canada.
