Edmonton is one of Canada’s largest metropolitan cities. Individuals and businesses choose Edmonton as a place to live, work and establish a business because of higher wages and relatively low taxes in comparison to other Canadian metropolitan cities.
Over the past several years, housing prices have been quite stable in Edmonton.
Compared to other major metropolitan cities in Canada, housing prices in Edmonton are quite affordable. In the fourth quarter of 2014, the average price for a detached bungalow in Edmonton was $386,000.
Detached bungalow - 4Q 2014
Source: RBC Economics Research
The rental market in Edmonton has been tight given an increase in population as individuals and families have moved to Edmonton from across Canada and the world for better economic prospects. This population increase has resulted in a tight rental market.
According to Canadian Mortgage and Housing Corporation, vacancy rate in October 2014 was 1.7%, second only to Calgary, which had the lowest vacancy rate at 1.4% of all major metropolitan cities in Canada.
Lowest gasoline prices
Gasoline prices are a major concern for consumers. In 2014, gasoline prices in Edmonton were on average lower than gasoline prices in other large urban cities across Canada.
Average gasoline price - 2014
Source: Statistics Canada, Table 326-0009
Edmonton's non-residential construction price index
The non-residential construction price index measures the selling price of non-residential buildings such as commercial, industrial and institutional buildings.
Edmonton non-residential construction prices were volatile between 2006 and 2010 but have been stable and closer to the national average since 2011.
Non-residential construction price inflation
Source: Statistics Canada, Table 327-0043