15 Apr

Edmonton Residential Market Update

Edmonton Market Update

Posted by: Vaughn Leroux

The springtime is approaching, which means the snow will soon be melting, the flowers will be blooming, and numerous homes will be available for purchase all throughout the province. Spring and summer months are said to be the peak season for home buying. Few sales are made throughout the winter and most seller’s wait to put their homes for sale until April – June.

Therefore, if you are interested in becoming a homeowner, then now is the time to start getting your finances in order and schedule an appointment with your Edmonton mortgage broker today. That way you will be prepared before you start viewing different homes on the market.

So, to help you get started, your local broker, Vaugh Leroux with Dominion Lending Centres, has listed the most recent market update for the Edmonton region.

 

Edmonton Market Update

Zolo.ca is one of the top real estate marketing websites and has some of the most reliable data. According to their statistics, the current average sold price for all property types in Edmonton is $353,000. This is a 0.1% increase over the past 30 days, but it is a 4.9% decrease in price since this time last year.

With the Edmonton mortgage rates currently lower now than they have been in the past, there is no better time to lock in a rate than now. Real estate experts are predicting that the housing market is going to increase over the next few months, which means housing prices will be more expensive and rates will go up. Therefore, lock in a rate now to take advantage of these recent low prices.

In reference to the housing inventory in Edmonton, there have been 1,329 new listings posted in the past month and during that time, 596 homes have sold. Properties also spend an average of 46 days on the market and the selling to listing ratio is at 97%.

Edmonton has a very healthy residential market and would be an excellent investment for your future, as well as a great place to settle down in.

 

Contact Us

If you would like to receive more information on the current market update or if you are ready to begin your application for an Edmonton mortgage, please contact Vaughn Leroux with Dominion Lending Centres at 780-431-5600.

10 Jul

Edmonton Market Update – Edmonton Mortgage Broker

Edmonton Market Update

Posted by: Vaughn Leroux

Edmonton Mortgage Broker

Being familiar with the current residential market can help you decide when the best time to buy is. To help you get started, your local Edmonton mortgage broker, Vaughn Leroux, has provided the most current market update and has compared the current listing price and units sold to those of the previous year.

Edmonton Market Update

Comparing trends and knowing the number of homes that were listed as in the past can help predict where housing prices are going to head in the future.

According to The Canadian Real Estate Association (CREA), the home prices in Edmonton have been fluctuating over the past year. The average selling price for homes sold in May 2018 was $377,139, which is a 2.1% increase from the previous month, and a 0.54% decrease from May 2017.

For single, detached family homes, the average price in May 2018 was $442,348, which is a 3.1% increase from April 2018, and a slight 0.4% increase from the year prior. Condominiums had the opposite trend occur where the average price in May decreased by 2.4% from the previous month and decreased 3.9% from the previous year. Duplex/Row homes increased 7.1% in May 2018 compared to April 2018 and increased 0.8% compared to this same time last year.

In regards to sales, the number of single, detached family homes sold increased by 15.5% in May compared to April. For condominiums, the sales increased 18.4% and for duplex/row houses the sales increased by 12.1%.

On a year-to-year basis, the number of single, detached family homes sold decreased by 3.9%, condominiums sold increased by 1.1%, and duplex/row houses sold decreased by 12.1%.

If you are looking to buy a home, we recommend obtaining an Edmonton mortgage now before the rates continue to rise.

Alberta Market Update

For Alberta, The Canadian Real Estate Association states that the overall sales in May 2018 were 5,845, which is a 6.7% decrease from May 2017. The provincial average price of houses sold throughout Alberta was $395,032, which is a 4.2% decrease from the previous year. As for active listings, there were 37,810 units listed for sale, which is a significant 17% increase from homes listed in May 2017.

Contact Us

For more information on the current residential market trends, or to learn about Edmonton mortgage rates, please contact Vaughn Leroux with Dominion Lending Centers Lender Direct at 780-431-5600.