Edmonton, AB Cheap Homes for Sale

Listings last updated 07/13/2022
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Frequently Asked Questions

Is it cheaper to build or buy a home?

Whether it’s less expensive to build or buy a home varies by market, so it’s essential to know all of the costs involved (detailed below) and get local estimates before deciding which route to take. For example, buying a house involves not only the price of the home (or the down payment if you’re taking out a mortgage), but also the closing costs, insurance, property taxes and homeowner’s association fees, if any. In addition, there’s the cost of repairing/replacing older systems and appliances, as well as renovating the home if it’s not a new construction. Likewise, building a home includes a variety of costs, as well. Specifically, there’s the price of the plot of land; hiring architects and engineers; building permit, inspection and impact fees; excavation and foundation costs. Plus, there’s the actual cost of construction (including labor, materials, finishes, appliances and utility hook-ups). Then, in the case of a land and/or construction loan, there are the associated closing costs, plus insurance, property taxes and the cost of landscaping. Moreover, you’ll also likely have to rent during the build, so you’ll have to factor in temporary housing costs, too.

Which province is the most affordable in terms of real estate?

If you’re looking for low-priced housing, some of the most budget-friendly homes for sale can usually be found in Saskatchewan, New Brunswick and Newfoundland and Labrador.

How many cheap properties for sale are available in Edmonton, AB?

On Point2, you’ll find 2,207 affordable houses for sale in Edmonton, AB, with prices starting at $26,000.

How do I search for cheap homes for sale in Edmonton, AB?

Browse cheap houses for sale in Edmonton, AB and check out property descriptions, photos and virtual tours. You can also narrow your search by filtering based on price drops, which can be especially useful when looking for cost-effective properties. Moreover, be sure to use the map view if you’re searching for cheap houses for sale near you.

Open Houses in Edmonton, AB

$159,900 CAD
Open House
Sat, 13 Aug 1:00 PM to 3:00 PM
  • 2 BedsBds
  • 2 BathsBa
  • Single Family

CITY GUIDE
EDMONTON, ALBERTA

Set on the North Saskatchewan River, Edmonton is a vibrant city located in the province of Alberta. Also known as the “Gateway to the North”, Edmonton is very well connected with the northern areas of Canada, and is very strategically positioned near mining operations and the oil sands in Alberta and the Northwest Territories. The city has a population of 930,000, and was first inhabited as early as the 1700s. In terms of climate, Edmonton experiences very cold and snowy winters, alongside hot and mild summers. The climate is rarely humid, unlike other areas of Canada, and Edmonton is known to receive a generous amount of sunshine each year.

Owing to its position close to the oil sands, Edmonton, like Calgary, is a hub for oil and gas companies. It is also a centre for research, education, and technology. The city has experienced a market decline due to low oil prices, but things are looking up and it’s thought that the rising price of oil and efforts to redevelop the city will have a positive impact on the economy.

There are a number of arts facilities and museums in the city, as well as sports teams in various major leagues. Edmonton attracts a large number of tourists each year because of its celebration of culture and arts, as well as its convenient position just 220km west of the Rocky Mountains, where popular National Parks Banff and Jasper are located.

Popular areas in Edmonton include: Abbottsfield, Aldergrove, Allendale, Balwin, Baranow, Bearspaw and Brookside.

Edmonton, Alberta

Edmonton, Alberta
real estate market overview

Real Estate Market Overview

The market in Edmonton isn’t in the best of shapes, largely due to the low oil prices, weak labour market, and subsequently a lower demand for housing. Many people are sitting on their properties, eitherfor financial reasons, or in a bid to wait for the market to rebound. Prices are low and stable, and there’s a huge selection out there, and the next couple of years are expected to see gradual growth and stabilization.

For sellers, the conditions are less favourable, since buyers are stalling, and properties are sitting on the market for much longer than before. The resale market is seeing fairly low prices but a high inventory, and it’s expected that the market will pick up again when the economic conditions achieve more stability. The real estate market hasn’t seen a rapid drop in the last year or so.

This is largely due to the huge investment into the development of downtown Edmonton, which has helped to create more jobs and maintain a stable market. The recession did hit the real estate market quite hard, however it’s thought that the next couple of years will see growth in the economy, which should be followed by growth in real estate. This provides favourable conditions for both investors and first-time buyers, as there’s a large inventory to choose from, and prices still remain very cheap. There is currently a large number of vacant rental properties on the market due to higher unemployment levels and fewer migrant workers coming to Edmonton for the oil and gas industry.

real estate market overview

Cheap Real Estate Market Overview

There is a fairly steady supply of condominiums on the market, which provides favourable conditions for buyers, as there is a large range of properties to choose from. There has been a lot of condo construction and developments in recent years, which has created higher inventory levels.

This is less than favourable for sellers, as the sale of condo units is down year-over-year. However, despite this decline, the price of condos hasn’t changed dramatically since 2014, and has risen slightly since 2016. Housing prices are generally stable, slowly growing, and are relatively affordable compared to other large cities in Canada. The average price of a single-family home in 2016 was around $440,000, and 250,000 for a condo, with both figures remaining fairly stable as time goes on.

It’s thought that housing within the $300,000 to $400,000 range will be the most popular in coming years, especially 2-3 bedroom homes close to public transport. Single-family resale properties are generally very affordable and have stayed fairly stable, and year-over-year price changes are marginal, which is great for first-time buyers. Edmonton’s market is generally in favour of the buyer, with an elevated supply of properties and a large inventory.

cheap real estate market overview

Read more about living in Edmonton, Alberta.

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