“2017 was a steady year for real estate in Edmonton and many of the surrounding municipalities, where sales and prices were quite stable for the majority of the year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair. “For most of the year we continued to see home buyers take advantage of low mortgage rates and a slightly increased inventory, while sellers enjoyed solid prices for their properties.” “Now that the holiday season is over and a new year is here, we expect listings and sales to begin to ramp up again,” said Torhjelm. “We encourage both potential buyers and sellers to talk to their local REALTOR® about their options in this market and what is right for them.”Here's our snapshot of the market:
City of Edmonton Market Stats
Nothing like new mortgage rules to impact the real estate market! After an average year for real estate sales in Edmonton, we saw the highest number of sales in December in at least 10 years. Our initial report on the Edmonton real estate market shows 210 homes were reported sold in December, up 18% from last year.
Condo sales also so a boost in December, after below average sales all year. 210 condos were reported sold in December, up 16% from last year.
The average sale price for single-family homes was $413,200, down 0.7% from last December, and the median price was down 1.3% to $375,000. The average sale price for condos was $236,606, down 5.5% from last December, and the median price was down 8.8% to $209,824.
The average price per square foot for single-family homes was down $1 to $272 and for condos was up $2 to $233.
There haven't been many stories about how the new rules will affect people buying rental properties with debt. Are the new rules expected to impact these buyers just as much as individuals buying properties for themselves?
Posted by Taraz on Wednesday, January 3rd, 2018 at 12:00ami just saw a lot of negative replies to Sara's weekly update. Does it mean it is the time to buy? Remember, when everyone is negative, it is time to buy! when everyone is positive, it is time to sell!
Posted by jim on Sunday, January 7th, 2018 at 11:50pmI think it's more a case of "When the foreclosure has been on the market over 90 days there's a higher likelihood that your lowball offer will not be in vain." :-)
Posted by Taraz on Wednesday, January 10th, 2018 at 6:26amLeave A Comment