Alberta’s housing market should be ending the year on a solid note.
As we head into the colder months of the year, the housing market usually slows down. So far in 2016, the market has remained relatively constant despite the cooler weather. Sale numbers are consistent and prices remain stable, which is great news for those interested in an Edmonton area property.
There were 4903 listings in Edmonton in November of 2016. Of these listings, 1,269 units were sold at an average sales price of $373,174. This all-residential listing average sale price increased by .98 per cent compared with November 2015.
Sale prices have increased in a couple of areas of Edmonton’s residential housing market. At the end of November single family home prices were up 1.76 per cent versus last year and duplex and row house prices were up 4.23 per cent. Condo prices had dropped 4.75 per cent.
The most expensive single family home sold for $3 million. The most expensive condo sold for $1.39 million and the most expensive duplex/rowhouse sold for $746,000
Now is the perfect time to consult an Edmonton mortgage broker to get the right mortgage for your new home. While interest rates have risen slightly in the past month, rates are still very low especially by historical standards.
While the economy is softer than the recent boom years, buyers in Alberta are confident in the future of the local economy, especially in areas like Edmonton and St. Albert.
As a local Edmonton mortgage broker, I am proud to be able to offer my clients competitive mortgage rates and diverse mortgage products in as little time and with as little stress as possible. Feel free to contact me if you have any mortgage related questions or are interested in buying or selling in the Edmonton area. I look forward to working with you!