Residential statistics City of Edmonton June 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON June 2021

The REALTORS® Association of Edmonton has released the June 2021 Residential Statistics – City of Edmonton. Another strong month for home sales in Edmonton. 1908 residential home sales in June of 2021 up by 543 from June 2020. Average home sale price was $398,786. Prices are up $41,457  from June of 2020 and up 10.4% year-to-date. Average days on market is 37 days.

New listings for the month of June sit at 3128 up 559 listings from last year.

The selling price of single family home is at $490,639 up 14% from last year. Duplexes and row housing prices are up 7.7% to an average of $361,291. Condo sales saw an increase of  11.5% to an average of $238,785.

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).

READY TO MAKE A MOVE

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RESIDENTIAL HOME SALES STATISTICS CITY OF EDMONTON JUNE 2021

RESIDENTIAL HOME PRICE INDEX STATISTICS CITY OF EDMONTON JUNE 2021- CREA MLS®

For more information on the Canadian Real Estate Associations MLS® Home Price Index CLICK HERE