Dreaming of homeownership in Edmonton but concerned about affordability? Good newsāEdmonton remains one of Canadaās most budget-friendly cities when it comes to real estate, especially for first-time buyers.
Whether youāre 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, weāll explore current affordable housing options, financing solutions, and helpful programs designed just for first-time homebuyers in Edmonton.
Why Edmonton Is a Great Market for Affordable Housing
Compared to cities like Vancouver, Toronto, and even Calgary, Edmontonās market offers:
More square footage for your dollar
Lower property taxes (relatively speaking)
Variety of homes under $300K ā from townhomes to bungalows and condos
A strong and stable job market with an increasing number of remote and hybrid job opportunities
What Can You Buy for Under $300,000 in Edmonton?
Hereās a snapshot of whatās currently available in the sub-$300K range:
ā Condos & Townhomes
1ā3 bedroom units in neighbourhoods like Clareview, Millwoods, Ellerslie, and Callingwood
Many feature modern finishes, balconies, underground parking, and amenities
Starting from ~$140,000ā$250,000
ā Duplexes & Half Duplexes
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
ā Detached Homes (Fixer-Uppers or Smaller Footprints)
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 āsecondary suite potentialā or existing basement suites to help offset your mortgage.
Financing Options for First-Time Buyers
1ļøā£ First-Time Home Buyer Incentive (FTHBI)
A federal shared equity mortgage program
Offers 5ā10% of the homeās purchase price toward your down payment
Helps reduce your monthly mortgage payments
More info: cmhc-schl.gc.ca
2ļøā£ Home Buyersā Plan (HBP)
Allows you to withdraw up to $60,000 (as of 2024) from your RRSP tax-free
Must be repaid within 15 years
3ļøā£ First Home Savings Account (FHSA)
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)
4ļøā£ Low Down Payment Mortgages
Minimum down payment is 5% on homes under $500,000
CMHC mortgage insurance applies but enables easier entry into the market
Popular Affordable Neighbourhoods in Edmonton
Here are a few areas where youāll find great value under $300K:
Mill Woods
Established communities with schools, transit, and parks
Good selection of older bungalows and duplexes
Northeast Edmonton (Kirkness, Belmont, Bannerman)
Family-friendly and close to major routes
Condos and townhomes in the $150Kā$250K range
Southside Areas (Ellerslie, Walker, Charlesworth)
Newer builds with modern layouts
Ideal for young couples and professionals
West Edmonton (La Perle, Aldergrove, Callingwood)
Well-maintained townhomes and condo developments
Close to West Edmonton Mall and major transit routes
Tips for First-Time Homebuyers on a Budget
Get Pre-Approved Early ā Know what you can afford and lock in your rate
Budget for Extras ā Include closing costs, property taxes, and maintenance
Be Open to Renovation ā Cosmetic updates can add huge value
Work with a REALTORĀ® who specializes in affordable and first-time buyer markets
Explore Government Programs ā Some offer tax credits and rebates
Ready to Start House Hunting?
Affordable homes in Edmonton are moving fastāespecially in the $200Kā$300K range.
If youāre a first-time buyer or relocating and want help navigating your options, Iām here to walk you through it all, from pre-approval to possession.
š Letās chat and explore homes that match your lifestyle and your budget.