Edmonton's $350,000 Housing Market: A First-Time Buyer's Guide
A recent study by national realty firm HouseSigma highlights the purchasing power of $350,000 in Edmonton's real estate market, demonstrating that first-time buyers still have meaningful options in this affordable Canadian city. While this budget stretches further in Edmonton than in many other major urban centers, it presents distinct limitations for those seeking single-family detached homes.
The $350,000 Benchmark in Edmonton's Housing Landscape
HouseSigma selected $350,000 as a middle-ground price point between Edmonton's median home cost of approximately $430,000 and the median apartment condominium price of about $219,000. According to Jay Sandhu, a leading HouseSigma real estate agent in Edmonton, this amount often represents the minimum requirement for first-time buyers looking for family-suitable dwellings, even though apartment condos typically offer the most affordable entry into the market.
"At the $350,000 price point in Edmonton, buyers still have real options, which isn't something you can say about many major cities right now," Sandhu emphasizes. This contrasts sharply with Calgary, where HouseSigma's study used $500,000 as the entry-point benchmark for comparative analysis.
What $350,000 Actually Purchases Across Edmonton
In Edmonton's urban core, $350,000 can secure an apartment condominium in desirable neighborhoods like Oliver, potentially offering a two-bedroom unit with approximately 1,000 square feet of living space. However, buyers opting for central locations sacrifice about 25 percent of their living area compared to suburban properties at similar price points.
In suburban communities, the same budget typically purchases a 10- to 15-year-old townhome featuring three bedrooms and more than 1,300 square feet. Sherwood Park offers slightly less space at this price, with buyers finding two-bedroom townhomes just under 1,300 square feet.
Leduc emerges as potentially offering the best value for space-seeking first-time buyers, where $350,000 can secure a single-family detached home with three bedrooms and over 1,100 square feet.
"Depending on the area, that budget translates into very different lifestyles from condo living closer to the core to more space in suburban and surrounding communities," Sandhu explains.
The Single-Family Home Reality at $350,000
Rob DeJong, associate realtor with Schmidt Realty Group in Edmonton, notes that $350,000 generally won't purchase a duplex in most Edmonton neighborhoods, let alone a single-family detached home. However, Edmonton's micro markets reveal some exceptions.
In the 30 days preceding January 30, the market recorded 49 detached single-family sales between $139,000 and $350,000. While some represented uninhabitable tear-downs, 29 transactions fell between $300,000 and $350,000 for "very livable single-family homes."
DeJong points to a specific example: a 1,400-square-foot, 1½-storey home in northwest Edmonton's Dovercourt neighborhood that sold for $345,000, featuring four bedrooms, two full bathrooms, and a partly finished basement.
Nevertheless, such affordable single-family detached home sales represent only a small fraction of overall market activity. In January alone, the region witnessed 1,145 transactions in this segment.
Condominiums Dominate the $350,000 Price Range
Apartment condominiums offer the most abundant choices at the $350,000 level, with 596 listings available at the end of January. While Edmonton's market remains affordable for budget-constrained first-time buyers, it presents particularly compelling value for relocating buyers from more expensive markets.
"A lot of those buyers are surprised by how much flexibility $350,000 still offers," Sandhu observes, highlighting Edmonton's continued reputation as one of Canada's most accessible major real estate markets for new homeowners.
