As you may know, the Bank of Canada decided not to raise the benchmark overnight rate last week, which is good news for borrowers who are looking to purchase a home. The Bank’s benchmark rate influences the rates that lenders offer to their clients, which is why the recent increases to the benchmark rate in July and September have had such an impact on the Canadian housing market.
In Edmonton specifically this September, the average residential sales price remained relatively consistent when compared to this August and to September a year ago. The average residential sales price was recorded at $370,252 in September of 2017, down 0.85% and 1.06% from August of 2017 and September of 2016 respectively.
Decreases in sales across the board can be considered a residual effect of the recent interest rate changes mentioned above. The total number of residential sales in September of 2017 was 1,341. This figure showed a significant drop of 13.04% from August of 2017 and a smaller, but still decent, drop of 6.35% from September of 2017.
When we look at the statistics of each individual sector of the Edmonton market, we can see that the largest drop in sales occurred in the duplex and townhomes sector, followed by the single-family detached sector and then the condominium sector. The volume of recorded sales dropped at least 10% in each of these three categories between August and September of this year.
Average sales prices are more of a mixed bag when it comes to different property types and time frames. The following chart shows the differences in average sales prices between different property types and how they have varied over the last couple of months and the last year.
|Property Type||Average Sales Price||MTM % Change||YTY % Change|
|Single Family Detached||$430,644||-1.75%||0.17%|
|Duplex / Townhome||N/A||-3.52%||-5.55%|
The average time on the market for all Edmonton homes rose by only one day from August of 2017 to reach 58 days in September of 2017. This statistic is also on trend with last year, showing a relative consistency in buying patterns over the last year or so.
If you are interested in purchasing a home, now is the time to do so! Give the best Edmonton mortgage broker a call today to find out how I can help you take advantage of the maintained benchmark rate and stable prices of the Edmonton market!