Edmonton Housing Market Update, November 2017

Using the numbers from October, we are experiencing higher inventory which increase the days to sell. But, we see home values are up 1.72% compared to last year because more people are purchasing homes in the luxury markets to take advantage of lower prices and decent mortgage rates. 

Duplex/townhouses take the biggest hit in sales volume followed by condominiums

Sale volumes tend to slow down close to the winter months, however, Duplex/rowhouses are down 10.06% month/month and down 5.30% year/year. Condominiums follow behind in sales down 8.17% month over month, and down 7.12% year over year.  Single family homes seem to be selling the best with an increased in October of 3.69% and only decreased slightly compared to 2016 at 0.59%.

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All residential sale prices increased by .06%

All residential sale prices have increased slightly but mainly driven by the single family homes. Single family homes have increased in price by .23% month over month and 1.44% compared to 2016. Duplex/townhouses not so much, they decreased in value by .55% month over month but still up compared to 2016 at 1.15%. Condos decreased 3.74% month over month and only by .45% compared to 2016. 

​Why? More people are purchasing homes in the higher priced demographics. More infill homes are selling which are typically prices $650,000 to over 1M. Labour costs are cheaper during low economical periods.Buyers understand home values are much lower then 2014 so they are happy to take a loss at selling their home and then getting a large discount when upgrading. This a buyers market!

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What is the news saying? 

Canadian Mortgage Holders Risk ‘Payment Shock,’ Ratings Agency Warns
Low-Inflation Risk Motivated Bank of Canada's Caution on Rates
​CREA reports October home sales in Canada up 0.9 per cent from September
Interest rate shocks for some households could be “significant,” report warns

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Its takes 61 days to sell on average right now

When there is high amounts of inventory it indicates higher competition between sellers and a longer time to sell your home. On average, it takes 61 days to sell a residential home which is increased from last month by 5.17%. Condominiums are up to 67 days to sell, townhouse/duplex take 61 days and single family homes take 55 days to sell.