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 2016, the average price for a single-family detached house in Edmonton was $431,500.
Detached Bungalow - Q4 2016
Source: RBC Economics Research
Edmonton’s rental vacancy rate continues to go up due to job losses and decreased migration in Alberta.
According to Canadian Mortgage and Housing Corporation, Edmonton had an apartment vacancy rate of 7.1%, which is the highest rate in the past 20 years. Calgary has the second highest rate of 7.0% among all major metropolitan cities in Canada. The average rent for a two-bedroom apartment unit has decreased by 2.4% over 2016 to $1,229.
Lowest Gasoline Prices
Gasoline prices are a major concern for consumers. In 2016, gasoline prices in Edmonton were on average lower than gasoline prices in other large urban cities across Canada.
Average Gasoline Price - 2016
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. Prices were volatile between 2006 and 2010 but have been stable over the last four years.
Edmonton non-residential construction prices have been closer to the national average since 2011. In 2016, Edmonton and Calgary reported decreases in the non-residential construction price index while other five CMAs reported increases.
Non-residential Construction Inflation
Source: Statistics Canada, Table 327-0043