Edmonton Real Estate Market

Found 38 blog entries about Edmonton Real Estate Market.

New year, new mortgage rules. As of January 1, 2018, Canadian home buyers will be facing more rigid guidelines when qualifying for a mortgage with a federally regulated lender. Thanks to Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions (OSFI), a first-time home buyer will be able to afford about 20 percent less house in the new year. So, what do these changes mean for the want-to-be home owners out there?

1. All uninsured mortgage customers will be subject to a qualifying rate stress test

Under the new stress test, uninsured mortgage customers must qualify for a mortgage at a rate that is the greater of two indicators: either 200 basis points (2 percent) higher than the mortgage rate they qualified for, or

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We are seeing increased prices across the board – Single Family Houses, Condos, and Row houses, however the number of sales have slowed down, but what does all this really mean?

Single Family detached homes are basically seeing for every 2 listings on the market 1 is selling within average time of 48 days.

Condos are seeing approximately for every 5 listings 2 are selling within the average time of 60 days.

Row Houses/Duplexes are also seeing approximately for every 2 listings 1 unit is selling in an average of 64 days.

In summary the number of sales are down overall from April 2016 but we are seeing a promising increase in activity. Average Sales prices are up, the number of days properties are listed on the market are unchanged and overall

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Edmonton's real estate market continues to strengthen even into the winter months and even more impressive November's average sale price was second highest all year, with the exception to the month of July.  Single family homes and duplex/rowhouses saw increases in overall prices though condos experienced a minor decrease in price, not bad for November!

In our experience winter months bring serious buyers and sellers, so if your thinking about making a move contact our team to discuss your options.

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Good news for Edmonton’s real estate market – prices are stable and holding steady. We are seeing slight decreases in price but overall we seem to be in a balanced market. Many sellers we meet seem to be holding off until the new year to list their properties so 2017 is looking promising!   If you are interested in buying or selling call us first to discuss your options and how the current market conditions will affect you.

Edmonton Market Stats Oct 2016

 

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Edmonton real estate prices continue to be fairly flat with very slight decreases compared to August and this time last year. Going forward, the chair of the REALTORS® Association of Edmonton says “We expect to see listings and sales slow as winter approaches. We may begin to see the effects of slight downward pressure on prices, but do not expect to see any drastic movement as our market continues to remain stable. Sellers can expect to wait a little longer than previous years for their property to sell.”

For single family homes it took on average 54 days to sell with an average price of $430,461 and a median price of $397,250. This represents a slight decrease in average price of .9% compared to August, and .24% compared to September of 2015. Sales

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Announced today by the Government of Canada's department of Finance, home-buyer's are going to see some changes in how their mortgage application is processed come October 17, 2016.  This comes as no surprise with recent news that Canadians are taking on more than they can handle when it comes to financial debt.  These changes will ensure home-buyers qualifying for mortgages can actually afford them.  All Canadian Insured mortgages (mortgages that have less than a 20% down-payment), this is not mortgage insurance, will now have to undergo a "stress test".  Prior to this change, 5 year fixed mortgages were exempt from this approval process but this is coming to an end.  You now MUST qualify for the Bank of Canada's current benchmark rate which is currently

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Prices and sales were fairly stable in August when compared to July and August of 2015, despite the fact that the Alberta economy is showing no signs of improvement. Even though it has been almost two years since oil prices crashed, the Edmonton real estate market has been quite resilient and prices have suffered only minor decreases. 

The Chair of the REALTORS® Association of Edmonton says “Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” 

In the condo market sales were down by 1.1% compared to August of 2015 and down

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Sales in the Edmonton real estate market were up by 63% in March when compared to February, but were down by 6% compared to March of 2015. According to  Steve Sedgwick of the REALTORS® Association of Edmonton “Inventory is growing, with more than 3,000 properties coming onto the market last month. Despite the inventory growth, prices are holding steady, with median prices on par with last year, and average prices up slightly due to the sale of high-end luxury homes in March.”    

For single family homes, the average days on market was still fairly high at 49 days, and sales were down by 6.6% compared to March of 2015. The average price was $439,815 while the median price was $405,000 with a total of 863 homes sold.

In the condo market, there were a

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Inventory was up significantly in the month of February while the number of sales was down.

 

For Single family homes there were 517 sales with an average price of $419,940 and a median price of $400,000. For the average pirce, that is small increase of .24% over January, and 2.79% decrease from February of 2015. 

 

On the condo front, the average price was $247,090 and the median price was $224,000 based on 232 sales. That translates to an increase in average price when compared to January, but a decrease of 1.35 compared to February of 2015

 

Take a look at our handy infographic for more details

 

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There continues to be plenty of inventory for buyers to choose from while sales are down compared to this time last year.

Steve Sedgwick of the REALTORS® Association of Edmonton says “It is likely that home buyers are responding to current economic uncertainties. Although prices have dropped slightly, they remain stable. Growth in inventory may create more opportunities for potential buyers, and given the low interest rates, we remain optimistic about market growth as we head into the spring buying season.”

 

It took 61 days to sell a single family home in January while the average price dipped slightly by around 1% when compared to last month and this time last year. There were 1,308 listings and 342 sales which is a 21% decrease from January of

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