A new report from the Fraser Institute found housing affordability worsened across Canada from 2014 to 2023, but Edmonton was one of the few major cities that saw a minor improvement in the upfront cost of buying a home.

The think tank’s study found home prices and rents rose faster than the median after-tax family income over the decade, leaving first-time homeowners in nearly every major city facing steeper barriers, from larger down payments to higher mortgage costs.

On average across Canadian cities, a 20 per cent down payment on an average home climbed from around 14.1 months of median family income in 2014 to 22 months in 2023, a 56 per cent jump. Mortgage payments also increased sharply, from 29.9 per cent in 2014 to 56.6 per cent of income in 2023.

The report says that by 2023,

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