The dream of homeownership is alive and well in Edmonton, especially among international migrants. A recent RBC report highlights that newcomers to Canada are among the most enthusiastic first-time home buyers, outpacing the general population in their eagerness to enter the housing market. Edmonton, known for its affordability and high quality of life, is increasingly becoming a prime destination for those looking to make their first real estate investment.
Why Edmonton?
Edmonton’s real estate market offers something that many larger cities in Canada cannot: affordability. With the average price of a single-family detached home hovering around $546,000, Edmonton presents a more accessible option compared to cities like Vancouver, where prices can skyrocket well into the millions. This affordability, coupled with the city’s strong sense of community and ample job opportunities, makes Edmonton particularly appealing to international migrants.
For newcomers, the prospect of buying a home sooner rather than later is a key priority. The RBC survey reveals that 65% of international migrants plan to purchase a home within the next two years, compared to just 31% of other first-time buyers in Alberta. Many newcomers pool their resources with family members, often investing in large, new-build homes that can accommodate multiple generations. This strategy not only provides immediate housing but also builds equity for future home purchases.
The Appeal of New Builds
One of the key draws for first-time home buyers in Edmonton is the availability of new-build homes. These properties, which often come at a more affordable price compared to other major Canadian cities, are ideal for newcomers who value space and modern amenities. In Edmonton, the average price of a new single-family home is around $610,000—a far cry from the $2.7 million price tag in Vancouver.
New builds are particularly attractive to international migrants because they offer room for extended families to live together under one roof. This is a common trend among many newcomer families, who prioritize family cohesion and cost-sharing as they establish themselves in Canada. Over time, as families build equity in their homes, they often sell and invest in individual properties, further strengthening their foothold in the Canadian housing market.
Edmonton’s Growing International Appeal
Historically, larger cities like Toronto and Vancouver have been the primary destinations for international migrants. However, with skyrocketing home prices and the increased cost of living, many newcomers are now turning to Edmonton. As John Carter of Re/Max River City points out, “I know of people first-hand who moved internationally to bigger cities only to realize life there was not as advertised and have come to Edmonton to buy a home.”
Edmonton’s growing popularity among international migrants is not just a trend—it’s becoming a cornerstone of the city’s real estate market. The city’s affordability, combined with its welcoming community and strong economic opportunities, makes it a perfect place for first-time home buyers, particularly those looking to settle in Canada for the long term.
What’s Next for First-Time Home Buyers?
If you’re a first-time home buyer in Edmonton, now might be the perfect time to enter the market. With home prices remaining affordable and a growing demand from international buyers, securing your dream home sooner rather than later could be a smart financial move.
For those new to Edmonton, working with a knowledgeable realtor who understands both the local market and the unique challenges that first-time home buyers face is essential. As a dedicated realtor in the Edmonton area, I’m here to guide you through the home-buying process and help you find a property that meets your needs.
Whether you’re looking for a family-friendly neighborhood, a modern new build, or a property with investment potential, Edmonton has something for everyone. Let’s connect and make your dream of homeownership a reality!
