As of 28 February 2017, Edmonton Alberta has shown great signs of recovery for single family homes but not so much for condominiums and duplex homes. Housing inventory remains to be much higher then the number of home buyers. As a real estate agent with RE/MX River City, I am finding sales are much higher then 2016. I believe we will see an improved market this year for those who are selling.
How is Edmonton's real estate market right now?
The real estate market is showing signs of improvement compared to 2016. Already this year, we are seeing higher volumes of sold homes up by 26%. The market remains to be a Buyer's Market. There are higher numbers of inventory then buyers. If we were to sell every home on the market right now, it would take us 7.52 months if no other homes were listed.
Who is taking advantage of the housing market?
First time home buyers and those upgrading to a larger home are still taking advantage of low housing prices and low mortgage rates. Real estate investors are also doing well right now with the increase of foreclosures due to job loss and economic conditions. We will see an improvement in our economy this year. The Federal Canada budget has projected the country will remain to incur more debt until the end of 2017. In 2018, Canada expects to see economic growth and the decrease of federal debt.
How much can you sell your home for on average?
Single family homes are selling at an average of $427,726, up 1.87% year over year.
Condominiums are selling at an average of $230.661, down 1.8% year over year.
Duplex homes are selling at an average of $348,078, down 1.78% year over year.
How long does It take to sell your home?
On average it takes 59 days to sell a single family home which is up 10% from 2016. Condominiums are taking much longer to sell at 73 days on average compared to 2016 at 57 days. Therefore, Condominiums are taking 22% longer to sell in our market right now.
How are mortgage rates?
I am not a mortgage professional so its best to contact your mortgage expert. However, I can tell you that I am personally locking in a 5 year fixed rate due to rising interest rates. I predict to see our housing market to transition into an upward swing at the end of the year. Calgary is already having signs of recovery which Edmonton usually follows suit based on historical data.
To see the full report by REALTOR®s Association of Edmonton please visit here.