Edmonton is continuing to have steady sale values but the amount of people who are still buying have decreased by 13% which can be explained by the change in mortgage rates. Condominiums however, have increased in sale price compared to 2016.
Sales volumes down 13%
In Edmonton, Alberta we are experiencing less people who are buying homes. If we compare September of this year to 2016, sale volumes are down by 13%. The new mortgage rule changes, rates and the lack of consumer confidence are said to cause the decrease in sales volume. Recently, the Energy East Pipeline has terminated their project which will effect Alberta's economy and housing market.
Is it a good time to buy or sell right now?
Its a buyers market. This means lower values and many options for those looking to buy or invest.
How is the real estate market for sellers? The housing market is very competitive! But we still see multiple offers if the house is priced very well. It comes down to pricing your home close to its true value and being in great show condition.
What they're saying in the news
Edmonton housing starts grow 29% over last year
RBC says housing affordability measure worst since 1990, Toronto hits worst level ever
This money-saving mortgage is on sale right now, but you should take a pass
Average sale prices fall
The average sale prices for all residential homes have fallen from the previous month by .85% and decreased by 1.06% compared to September 2016. This is caused by the amount of demand for homes (buyers) and increases the supply of homes (sellers). This often decreases home values since competition between sellers is much greater, homes take much longer to sell and this drives home values down. Condominiums have increased in value from the previous month at 2.91% and a 0.31% decrease compared to 2016. Single family detached homes decreased from the previous month by 1.75% but this demographic has increased from 2016 by .17%. The average sale prices for town homes and duplex homes have decreased from last month by 3.52% and 5.55% from 2016.
It takes 58 days to sell your home on average right now
The average days to sell for all residential homes is 58 days. That's up by 1 day compared to 2016. However, detached single family homes sell in 53 days, condos sell in 67 days and duplex homes sell in 62 days.