Dreaming of homeownership in Edmonton but concerned about affordability? Good newsâEdmonton remains one of Canadaâs most budget-friendly cities when it comes to real estate, especially for first-time buyers.
Whether you’re a young professional, growing family, or downsizer, there are plenty of homes under $300,000 available throughout the city and surrounding areas. In this post, weâll explore current affordable housing options, financing solutions, and helpful programs designed just for first-time homebuyers in Edmonton.
Compared to cities like Vancouver, Toronto, and even Calgary, Edmontonâs market offers:
More square footage for your dollar
Lower property taxes (relatively speaking)
Variety of homes under $300K â from townhomes to bungalows and condos
A strong and stable job market with an increasing number of remote and hybrid job opportunities
Hereâs a snapshot of whatâs currently available in the sub-$300K range:
1â3 bedroom units in neighbourhoods like Clareview, Millwoods, Ellerslie, and Callingwood
Many feature modern finishes, balconies, underground parking, and amenities
Starting from ~$140,000â$250,000
Options in areas like McConachie, Chappelle, and Walker
Great for couples or small families looking for a starter home
Some with finished basements or fenced yards
Older bungalows and wartime homes in Central Edmonton, Delton, Eastwood, or Beacon Heights
Perfect for buyers interested in renovation or investment properties
Pro tip: Keep an eye out for homes with âsecondary suite potentialâ or existing basement suites to help offset your mortgage.
A federal shared equity mortgage program
Offers 5â10% of the homeâs purchase price toward your down payment
Helps reduce your monthly mortgage payments
More info: cmhc-schl.gc.ca
Allows you to withdraw up to $60,000 (as of 2024) from your RRSP tax-free
Must be repaid within 15 years
New tax-free savings vehicle that combines benefits of TFSA and RRSP
Can contribute up to $8,000 per year (up to a $40,000 lifetime limit)
Minimum down payment is 5% on homes under $500,000
CMHC mortgage insurance applies but enables easier entry into the market
Here are a few areas where youâll find great value under $300K:
Established communities with schools, transit, and parks
Good selection of older bungalows and duplexes
Family-friendly and close to major routes
Condos and townhomes in the $150Kâ$250K range
Newer builds with modern layouts
Ideal for young couples and professionals
Well-maintained townhomes and condo developments
Close to West Edmonton Mall and major transit routes
Get Pre-Approved Early â Know what you can afford and lock in your rate
Budget for Extras â Include closing costs, property taxes, and maintenance
Be Open to Renovation â Cosmetic updates can add huge value
Work with a REALTORÂź who specializes in affordable and first-time buyer markets
Explore Government Programs â Some offer tax credits and rebates
Affordable homes in Edmonton are moving fastâespecially in the $200Kâ$300K range.
If you’re a first-time buyer or relocating and want help navigating your options, Iâm here to walk you through it all, from pre-approval to possession.
📞 Letâs chat and explore homes that match your lifestyle and your budget.