Edmonton Cost of Living

Today we’re gonna talk all about Edmonton cost of living.

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I’m Melody Wilson, a local realtor with Remax Elite here in Edmonton, Alberta. Today I’m going to talk to you all about what is the Edmonton cost of living – taking a look at your housing, groceries, eating, things to do, all for families.

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The Edmonton cost of living is about 11. 05% cheaper than living in Toronto.

The average price of a single family home here in edmonton is around $425,000 according to the statistics that we pulled in February 2020.

What does an average home look like in Edmonton? Well, in the older neighborhoods, you’re looking at a bungalow, which is a one story home with a basement, double detached garage and usually at that price point there’s not a whole lot of updates done, and again, it’s dependant on the neighborhood.

If you’re looking in the suburbs of Edmonton, you will find a 1700 to 1800 square foot, two storey, brand new home, either with a double attached garage or detached garage home here in Edmonton. So all that’s location dependent in terms of what those homes specifically would look like.

The average house price in Canada is $480,743. Living in Edmonton is a little bit cheaper, almost just under 12% cheaper in all of Canada when you compare nationally. If you break that down into a mortgage payment, the $425,000, you’re looking at a mortgage payment of just under $2000.

Now this number was calculated based on if you’re putting about 5% down so approximately $21,250 with an interest rate of about 3. 09%. Right now, as the date of recording in February 2020, the interest rates are actually under 3%. So you do want to get a number specific for you, but that’s in general just to give you an average.

What about renting instead of buying? Well, if you’re looking for a three bedroom house and you look at the Canadian rent boards statistics, the average rent is about $1673 a month. So when you look at the cost of your housing, plus your utility, it ranges on if you have a newer, or older home.But a typical cost will be about $300 to $400 a month.

Now you have your housing taken care of, how are you going to get to work?

Edmonton is a city that isn’t walkable like most metro cities in Canada. So you will need a vehicle unless you live and work in downtown.

Our Edmonton transit system, the bus system, isn’t as well developed as other metro cities, so you can’t heavily rely on that as much as you can a vehicle. We are working on the LRT system here in Edmonton but it will take literally years before it is ready to go, like O’m guessing 10 years at least before we’re up and running. Once that system is done, it will be a great system that covers the whole entire city. But for now, you need to have vehicle in Edmonton.

The average price for a tank of gas in my Toyota Highlander is about $60 to $70 per tank. If you do want to take the bus, the average bus pass costs you $97 a month. Now, if you’re a senior or you are a student, there are discounts for you. If you’re looking just to do a one time ride, you’re looking at a $3. 50 one way ticket.

While you’re at work where are your kids going to go? If your kids aren’t in school quite yet, you’re probably looking a day home or day care. The average price here in the city of Edmonton is $880 a month per child, so that’s a lot of money to put down. And if you want to get into a good one, expect to be on a wait list because they’re usually in very high demand here in the city.

The cost of buying clothes here in Edmonton won’t break the bank. For example, a designer pair of jeans can cost you $65. Of course you can buy cheaper and more expensive, depending on the brand. A dress maybe $47 but again because we have online shopping and you can shop all across Canada and even the States, our clothing prices are not anything out of the ordinary, but as a mom, the best place I find a really good deals online for my kids is Joe Fresh and Old Navy.

What about the cost of feeding your family? So for groceries, I have friends that spend anywhere from $400 to $1000 a month, us included, we’re in that range. It all depends on where you go grocery shopping. Here in the city of Edmonton, I do notice that the prices are higher depending on where you live.

So that’s gonna be a huge part of cost of living. We do have couponing here not as crazy as the States, but we do still have that ability to do couponing to save you some money. So obviously your grocery budget is going to be dependent on so many things: dietary restrictions, number of people in your family and what you usually buy on, if you eat out a lot or if you don’t.

So just a little preview of what the staple foods usually cost here in the city, a loaf of bread on average, is $2.65 and a one litre of milk is about $2.33. Cheese in Edmonton costs just over $10 per kilogram, and tomatoes are $4.57 per kilogram and potatoes are $3.23 per kilogram.

You can also check out all the places to eat in Edmonton outside of your home, or your friends home. We have a lot of franchised and non- franchise restaurants, and Edmonton is really known for the local food scene, so you want to make sure you check those out. If the budget permits and you can go more often, I would highly recommend that.

What does an average cost cost for fast food? You’re looking for a family of five, two adult and three kids, anywhere from $40 to $50 for fast food and for any of the local restaurants, I would expect to spend about $15 to $20 per person again if there’s kids meals, which some restaurants here do you have kids meals, on average, they start anywhere from $5 to $8. That’s on average, because I have seen some kids meals upwards of $10 or more.

If you’re looking for things to do with your family, such as the rec centers here, or the museums or the indoor playgrounds or art galleries, on average you will be spending about $15 per person for admission. Of course, they have family rates as well, and some discounts. Now sometimes, a few times during the year, there are some opportunities to check these places out completely for free. But don’t forget with free means, everyone else gets to check it out, and so it’ll be really busy.

In case you want to take your kids to a movie, the average seat price is about $14 per person. Now Costco still has one of the best deals. For two adults tickets, popcorn and two pops, it is $29.99. And for children, you can get in for $11.99 which includes the admission for the child and a little kids popcorn, candy and pop.

So the last thing I want to cover is how much do people make in Edmonton on average?

So according to Numbeo, the average Edmontonian makes about $4000 a month, just slightly under after taxes. But according to Statistics Canada, the 2016 census, it shows us that the average Edmontonian makes just under $50,000 a year.

Compared to the provincial number, we’re right on par in terms of what Alberta and Edmonton makes.

You can see that Edmonton is a pretty affordable city to live in.

Yes, we have some really cold weather. We also have some really hot weather. As a local Edmontonian born and raised here, I’m still here.

Edmonton is a really great place to call home. As I mentioned earlier, I am an Edmonton realtor, so if you have any questions about things that I haven’t covered or things about housing, or things to do, I’m also a mom of three kids and I’d be happy to talk to you.

Make sure you comment below, and please share with your friends and family, and subscribe to our channel ?https://rem.ax/2IrIXp9for more real estate information, great content on YEG, living and eating in Edmonton, and more! Plus tag a friend, follow us on social media, or call us for all your real estate needs!

Want to get in touch with Melody Wilson? You can reach her at melody@relife.ca or 780-945-7821

Your source for Everything Edmonton: www.liveinedmonton.ca

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