RESIDENTIAL STATISTICS CITY OF EDMONTON MAY 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON MAY 2021

The REALTORS® Association of Edmonton has released the May 2021 Residential Statistics – City of Edmonton. Another strong month for home sales in Edmonton. 1906 residential home sales in May of 2021. Average home sales price was $403,608. This is up 13.18% from May of 2020 and up $36,013 year to date over 2020. Average days on market has dropped from 64 days to 34 year to date.

New listings for the month of May is 3173 up 1080 listings from last year.

The selling price of single family homes up 11.5% from last year, averaging out to $476,414. Duplexes and row housing prices are up 10.7% to $369,429. Finally Condo sales saw the highest jump by 14.9% to an average of $231,893.

MORTGAGE QUALIFICATION CHANGES

New mortgage qualification rules go into effect June 1, 2021. The new minimum qualifying rate for uninsured mortgages will be the contracted rate plus 2 percent or 5.25 percent – whichever is higher. That’s up from the current qualifying rate of 4.79 percent.

According to Ratehub.ca’s calculations, a household with an annual income of $100,000 and a 20 percent down payment – with a 5-year fixed mortgage rate of 1.78 percent amortized over 30 years – would qualify for a home valued at $651,000 under today’s 4.79 percent qualifying rate. Under the new stress test rate of 5.25 percent, the same household’s maximum affordability would decrease to $618,000. That’s a difference of $33,000 (or 5 percent).

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Residential Statistics City Of Edmonton Courtesy of REALTORS® Association of Edmonton

2021 vs 2020 RESIDENTIAL STATISTICS – CITY OF EDMONTON. Home sales statistics. Left Column May 2021 Numbers, Right Column May 2020