Cost of Living in Edmonton
One of the first things to consider before relocating to a new community is the average cost of living. Residents of Edmonton enjoy the highest average household income in Canada with an affordable cost of living. Taxes are lower, and there is no provincial sales tax (PST). On average, Edmontonians have more disposable income than most other Canadians. And since the oil comes from our province, Edmonton also has the lowest gasoline and diesel prices in Canada. For many residents, cars are the primary mode of transportation.
The average cost of living in Edmonton is relatively low compared to other major cities across the country. According to an Expatistan Cost of Living Index, Edmonton’s overall cost of living is 22% lower than Canada's average. Taking a closer look at the fundamentals of life at home, there is an emphasis on understanding the specific cost of groceries, rent, and health care that makes up the quality of life for residents.
Food & Groceries
Edmonton offers a variety of grocery stores and restaurants to meet the needs of everyday life. Staple foods, such as rice, eggs, and vegetables, can be found at prices substantially lower than other major cities in the country, making everyday groceries and dining out more economical.
The cost of rent varies depending on the neighbourhood, with more urbanized and expensive areas located south of the city centre. However, the cost of rent is much lower than in other major cities.
Understanding the price level can help predict the kind of lifestyle and quality of living. The average housing cost in Edmonton is around $337,000, which is nearly $359,000 lower than the national average. The average throughout Alberta is about $439,000, which is also a bit higher than in Edmonton.
The lower home costs in Edmonton are potentially important because they mean a new resident may buy more space in this community than in other places in Canada. It might be possible to afford upscale homes here for the cost of less luxurious homes in other cities. But real estate purchases are not the only cost to consider.
The cost of renting a condo or home in Edmonton varies considerably depending on the location, size and other amenities of the property. Generally, condos cost less than single-family dwellings, but both range from around $800 to over $2,000 per month.
In central Edmonton, newer condos in desirable neighbourhoods may cost between $1,100 and $1,600 per month. Prices for two-bedroom condo units can range from $1,150 to over $1,800 per month. Three-bedroom condos can be found from around $1,400 to over $2,000 per month.
The cost of renting a single-family home in Edmonton is slightly higher than that of condos but still relatively affordable. Renting a two-bedroom house may cost between $1,200 and $1,500 per month. Three-bedroom homes can be found from $1,400 to 2,000 per month.
Rent in Edmonton varies based on the size, location, and amenities of the home, but the average cost of renting a one-bedroom home in Edmonton is $1,075 per month. The cost of renting a two-bedroom home, on average, is $1,295 per month. Prices can be higher in more up-scale areas or lower in more economical locations.