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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.
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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
The Edmonton housing market showed steady growth in 2024, with the average home price reaching $436,401 in November, a 15% increase year-over-year. Detached homes averaged $540,320, up 13%, while semi-detached homes rose 14% to $411,469. Townhouses averaged $288,176, marking a 6.3% increase, and apartments saw the strongest growth, up 16% year-over-year to $200,266. Despite a slight monthly dip in prices, Edmonton remains one of Canada’s most affordable major housing markets, offering significant value compared to cities like Toronto and Vancouver.
High demand and limited supply continue to drive Edmonton’s market, with a sales-to-new-listings ratio of 91%, firmly positioning it as a seller's market. Listings dropped 20.6% year-over-year in November 2024, while sales activity remained robust, with 1,920 transactions. Edmonton’s affordability and stable price trends make it an appealing option for first-time buyers and families, particularly with the introduction of 30-year amortization periods to improve accessibility.
Given rising prices and tight inventory, rent-to-own in Edmonton is a smart choice for those looking to secure homeownership in this competitive market while benefiting from the city’s affordability and long-term growth potential.
Transportation in Edmonton
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 serve roughly 87,000,000 riders per year.
Economy in Edmonton
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 globally after Saudi Arabia.
Over the past five years, Edmonton has been 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 in Edmonton
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 of 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 from over 150 different countries attend University of Alberta.
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 recently. 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 in Edmonton is a homeownership program that allows individuals to rent a property with the option to purchase it after a specified period. A portion of the monthly rent is typically set aside as a credit toward the future down payment, making it easier for renters to save for a home while living in it. This arrangement benefits those who may not yet qualify for a mortgage due to financial constraints or credit history but want to lock in a property at today’s market value.
Simply put, 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?
- Estimate your budget: Use our rent-to-own calculator to discover how much you can afford through our rent to own program.
- 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.
- Get full approval: Submit documents to verify your application and get fully approved with a personalized home shopping budget.
- Find your dream home: Choose the home you'd like Requity Homes to purchase for you. View rent-to-own listings in Canada.
- Requity Homes buys the home: They purchase the property and cover closing costs, including land transfer tax and legal fees.
- Move in and save: Rent your dream home while a portion of your monthly payments goes towards your future down payment.
- 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.
Rent to Own in Edmonton, It’s Easy to Get Started
Achieve homeownership sooner than you could have ever imagined when you rent to own in Edmonton with Requity Homes.
