Edmonton remains one of the most affordable major markets in Canada, and in August 2026 the typical entry points were around $190,000 for an apartment condo and about $292,000 for a row or townhouse, based on median prices in the Greater Edmonton Area. But the best budget isn't the maximum a lender approves — it's the payment that still lets you live comfortably. Start with the down payment: the minimum is 5% on the first $500,000, and with less than 20% down you'll need mortgage default insurance. Next, remember the stress test: lenders qualify you at the higher of your contract rate plus 2% or 5.25%. Then budget for the costs people forget — closing costs of roughly 1.5% to 4% of the price, property taxes, utilities, and for condos, monthly condo fees. A 30-year amortization can lower the monthly payment, but you'll pay more interest over time. Get pre-approved first so you know your real number and can hold a rate while you shop. Jon Valencia with Rite Realty helps first-time buyers set realistic expectations and avoid stretching too far. Market figures are Greater Edmonton medians for August 2026; this is general information, not financial advice.
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