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…
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…
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…
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
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…
The Edmonton real estate market was certainly resilient in 2015 with all the turmoil in the economy. Prices remained strong throughout the year even though we had a higher inventory and less activity in the market. December was fairly slow with fewer sales, as is normal for the holiday season.
There were 435 single family houses sold in December with an average price of $424,629 and a median price of $385,000. The average price was down 1.2% when compared to December of 2014. On a percentage basis, sales were down by 4% when compared to December of 2014. The average days on the market was 63 days.
For Condos, it took 62 days to sell, and there were a total of 202 apartment style condos sold in December. The average price was $248,956 and…
The Edmonton real estate market remained strong in the month of November. Prices are holding steady, even though we had fewer sales than November of 2014.
Geneva Tetreault, of the REALTORS® Association of Edmonton says "During a time of year where we generally see the market slow down, consumers demonstrated confidence in the Edmonton and Area market.” She goes on to say that the warm weather we have been experiencing also helped to get people out there looking at homes with their agents.
For single family homes, the average price was $432,862 and it took 56 days for a home to sell on average. The average price decreased by 1.3% compared to October, and by 2.6% compared to last November. There were 1,059 active listings and only 680 homes…
The housing market in Edmonton remains strong despite the fact that sales are down sharply compared to October of 2014. In fact, prices for Single family homes actually rose by 1.5% compared to September, and went up by 3% when compared to October of 2014. However, the average price for houses was pushed a little higher because of two homes that sold for over 3 million dollars.
On average, it took 56 days to sell a single family home and there were 728 sales in the month of October.
For Condos, prices were down by 3.4% from September and down by 5.9% compared to October of 2014. There were 337 condos sold and it took an average of 61 days for them to sell
Have a look at our monthly infographic for more details.
All statistics are from…
Get ready for it, the inevitable is upon us with a few days of teasing but the snow has made an appearance. Lucky for us Edmotonians it has decided not to stay yet, but we know it will be here to stay shortly. Over the years we have heard the same questions from first time buyers but also from already home owners who just don’t know, so we have decided to share some winterizing tips with you on preparing your home for our Alberta’s harsh winters.
- Get your furnace cleaned – it can help maintain your furnaces life expectancy and help you breathe easier.
- Clean or replace furnace filter
- Clean humidifier
- Check doors for worn or damaged weather stripping to prevent heat loss
- Inspect / Clean fireplaces to limit the risk of a
Prices continue to hold steady even though sales are down when compared to this time last year. The Edmonton market is resilient even with low oil prices and a slower economy.
Geneva Tetreault of the REALTORS® association of Edmonton says “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”
The average price of a single family home in the month of September was $432,150 with 873 houses sold. The average time it took for a home to sell was 51…