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Rent to Own a Home in Edmonton, Alberta

5/22/24
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3
 min read
Rent to Own Home Edmonton Alberta
Summary
Edmonton is a popular destination for people relocating to Canada. A high standard of living, scenic beauty, urban amenities, and a friendly housing market make rent to own in Edmonton a top choice for families on the move.
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Rent to Own Homes in Edmonton, Alberta

Edmonton is the capital city of Alberta and the fifth largest city in Canada. In fact, it is the northernmost city in North America, with a population of over one million residents.

Edmonton is a popular destination for people relocating to Canada. A high standard of living, scenic beauty, urban amenities, and a friendly housing market make rent to own in Edmonton a top choice for families on the move.

View the latest rent-to-own properties in Edmonton

Real Estate Trends in Edmonton, Alberta

Unlike other major Canadian centres, Edmonton has seen a relatively slow rise in housing prices while enjoying strong growth in sales year-over-year. 

In April 2024, the average price of a home in Edmonton reached an all-time high of $431,387. Detached homes averaged $529,957 while townhouse prices increased by 13% to just over $294,417.

Compare the housing market in Edmonton to that of Toronto and Vancouver. In April 2024, the average home prices in Toronto decreased to $1,128,100. The average Vancouver home price in the same month was $1,302,794, while detached home prices decreased by 1.1% to $2.18M.

 

Transportation

As Canada’s northernmost capital city, Edmonton is a major transportation hub for both air and rail. The Edmonton International Airport (EIA) is Canada’s fifth-busiest airport and serves 8.2 million passengers per year, offering non-stop service to the United States, Europe, Mexico, and the Caribbean. 

The Canadian National Railway uses Edmonton’s geographical location as the focal point for its freight operations. VIA Rail provides passenger service to other major Canadian cities in Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario.  

Edmonton also has a very modern public transit system, with light rail and buses that serves roughly 87,000,000 riders per year.

Economy

Once known as the “Oil Capital of Canada,” Edmonton is a major economic centre in Alberta for the oil and gas industry. Alberta’s oil, gas, and oil sand reserves are considered the second-largest in the world after Saudi Arabia.

Over the past five years, Edmonton is responsible for 25% of all new jobs in Canada, while GDP, income, and population growth were three times the Canadian average. During the COVID-19 pandemic, Edmonton had the lowest unemployment rate in the province.

Edmonton has enjoyed one of Canada’s strongest economies across several sectors. It has been the birthplace of several companies that have grown to be internationally recognizable brands, including Boston Pizza, The Brick, Booster Juice, Running Room, and Shaw Communications.  

Education

For families considering a move to Edmonton, the education system is one of the best in the country. Alberta is known for having one of the best education systems in the world. Edmonton was the first school board to give principals the authority to make financial decisions based on the individual needs of their schools. 

Edmonton has three publicly funded school boards, including one for the Francophone community for children attending kindergarten and grades 1-12. All Edmonton’s school boards are funded by property taxes and through provincial grants. A top-5 school in Canada, the University of Alberta (U of A) boasts the second-largest research library system in the country and generates revenue of more than a billion dollars per annum. More than 40,000 students attend U of A from over 150 different countries.

How to Buy a Home in Edmonton?

When it comes to buying a home in Edmonton, there are two primary options available to prospective homeowners: traditional mortgages and rent-to-own programs.

The most common path is through a traditional mortgage, where you secure a loan from a bank or financial institution to purchase the property. However, this route requires a significant down payment, typically 20% of the home's value, and a strong credit score to qualify for favourable interest rates.

An alternative to the traditional mortgage is the rent-to-own model, which has been gaining popularity in recent years. With rent-to-own, also known as lease-to-own, you can move into your dream home with no down payment, while simultaneously building equity and saving for your future purchase. This innovative approach is especially attractive for individuals who may not have the immediate financial means or credit score required to secure a conventional mortgage.

What is Rent to Own in Edmonton?

Rent to own is an innovative program that helps you achieve homeownership, even if you're not quite ready for a traditional mortgage. The Requity Homes option of rent to buy homes allows you to select your dream home, rent it for 2-3 years, and then purchase it at a predetermined price.

How Does Rent to Own Work in Edmonton?

  1. Estimate your budget: Use our rent-to-own calculator to discover how much you can afford through our rent to own program. 
  2. Get pre-qualified: Apply for rent-to-own homes online to find out your eligibility and home shopping budget. It's free and won't impact your credit score.
  3. Get full approval: Submit documents to verify your application and get fully approved with a personalized home shopping budget.
  4. Find your dream home: Choose the home you'd like Requity Homes to purchase for you. View rent-to-own listings in Canada.
  5. Requity Homes buys the home: They purchase the property and cover closing costs, including land transfer tax and legal fees.
  6. Move in and save: Rent your dream home while a portion of your monthly payments goes towards your future down payment.
  7. Buy your home: When you're mortgage-ready (typically after 2-3 years), purchase the home from Requity Homes at the predetermined price.

To learn more, read our article on how does rent to own work in Canada.

The Benefits of Rent to Own a Home in Edmonton

With housing prices increasing year after year, it makes it very difficult to save up for a down payment while renting. How nice would it be to find a home you love at a price you can afford and lock in the value until you are ready to take on a mortgage?

Let’s say that you have found the perfect home in Edmonton for $400,000.  

You have two options:

Rent for Two Years Then Purchase the Home

Using a base formula of 10% appreciation annually, your $400,000 Edmonton home would be valued at $480,000 after two years.  

Rent to Own with Requity Homes

Requity Homes offers a low 5% price increase per year, much lower than the average growth rate. Therefore, when you rent to own a home in Edmonton with Requity Homes, you can lock in the price of your new home and know exactly what it will be valued at in two years. 

For example, with Requity Homes a growth rate of 5% means that you can buy your new home in two years for $440,000 instead of $480,000, a savings of $40,000. 

The Requity Homes rent to own homes program is designed to help get you and your family into your dream home in Edmonton while saving you a great deal of money in the process. 

Achieve homeownership sooner than you could have ever imagined when you rent to own in Edmonton with Requity Homes. 

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Your home ownership begins here.

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