Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 429 (447, 491, 574) # Sales: 327 (345, 291, 373) Ratio: 76% (77%, 59%, 65%) # Price Changes: 399 (427, 341, 447) Expired/Off-Market Listings: 216 (237, 197, 584) Net loss/gain in listings this week: -114 (-135, 3, -383) Active single-family home listings: 3043 (3089, 3139, 3122) Active condo listings: 2607 (2625, 2672, 2658) Homes 4-week running average: $449 ($452, $457, $458) Condos 4-week running average: $220 ($225, $221, $221)     Posted by Liv Real Estate on
Email Send a link to post via Email

Looking great! I think next spring will be insanely hot as everyone buys before interest rates increase potentially 200 basis points in the second half of 2022 and throughout 2023, according to Scotia Bank, which is predicting eight interest rate increases. At that point, the stress test will be closing in on 8%, and few people will qualify for higher mortgages, and so few will be able to afford the current prices of homes unless they're cash buyers.

I could easily see a 30% to 40% decline in housing prices starting in late 2022 and for the next few years after that, as people won't qualify for much of a mortgage, and investors will no longer see it as easy price increases, and will sell.

Posted by Tom on Friday, October 29th, 2021 at 8:35pm

Leave A Comment

Please note that your email address is kept private upon posting.