Housing affordability remains a challenge across Canada’s major urban centres. Although some price declines have been observed—Vancouver home prices are down approximately 2% year-over-year and Toronto prices have decreased about 5.7%—both markets remain largely unaffordable.
According to the OECD’s 2025 Economic Survey of Canada, roughly 1.7 million Canadian households (11% of total households) experienced core housing needs in 2022. Affordability was the primary issue for over three-quarters of these households. In Vancouver and Toronto, the proportion of households with core housing needs was higher, at approximately 17–17.5%.
Edmonton is emerging as a relatively more affordable alternative. Over the past two years, Alberta has experienced a net interprovincial migration gain of 75,000 people, with nearly 70% relocating from British Columbia and Ontario. Edmonton’s composite benchmark home prices rose 12.5% year-over-year in the first quarter of 2025 and an additional 9.8% in the second quarter, reaching around $432,000.
Rents in Edmonton are comparatively lower than in other Canadian cities. The average asking rent for a vacant two-bedroom unit in Edmonton is $1,650 per month, whereas similar units in other major markets range from 25% to 65% higher.
Population forecasts indicate continued growth in Alberta. Both Calgary and Edmonton are projected to see approximately 2% annual population gains from 2026 onward, which is expected to support ongoing housing demand.
While rental housing remains the primary option for many Canadians, Edmonton provides a more accessible home ownership opportunity relative to higher-cost markets such as Toronto and Vancouver.
