First time buyers in Edmonton find hard going

In Alberta, a province where protections for tenants are scarce, home ownership is widely seen as essential to secure long-term stability. But finding a starter home is a growing challenge for Edmonton renters, as demand outstrips supply in Alberta’s capital city.

“Over the last three years developers have shifted gears away from producing for-sale housing and moved toward the rental market,” said David Dale-Johnson, an executive professor and Stan Melton Chair in real estate at the University of Alberta’s School of Business. “A lot of the potential buyers have done the same thing simply because, at 5 or 6 per cent mortgage rates, people can’t qualify for a mortgage.”