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.
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.