Residential statistics City of Edmonton August 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON August 2021

The REALTORS® Association of Edmonton has released the August 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were up slighlty to same time last year. 1430 residential home sales in August of 2021 up from 168 from August 2020. Average home sale price was $383,976. Prices are up $12,668  from August of 2020 an increase of 3.4% year-over-year. Average days on market is 43 days.

New listings for the month of August sit at 2409 up 312 listings from last year.

The selling price of single family home is at $470,052 up 5.1% from last year. Duplexes and row housing prices are up 6.4% to an average of $371,992. Condo sales saw a decrease in price of  -.4% to an average of $220,427.

MORTGAGE QUALIFICATION CHANGES

New mortgage qualification rules went 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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For more information on the Canadian Real Estate Associations MLS® Home Price Index CLICK HERE