Edmonton median home prices rise sharply; homeownership incomes rise

 

 

Edmonton has seen a huge increase in home prices, a report says. Average homes are becoming unaffordable for many, according to a report released by ratehub.ca. The report says the median price of a home and the income needed to buy it have increased significantly this winter season.

The report explains that changes in mortgage rates, stress test rates and real estate prices can affect the income needed to buy a home. According to the report, the median home price in Edmonton was $412,200 in January. This rate is $14,800 higher than the previous month. The median income needed to buy a home in Edmonton also increased during this period, increasing by $2,890 to $95,150.