Residential statistics City of Edmonton July 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON July 2021

The REALTORS® Association of Edmonton has released the July 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were relatively flat to same time last year. 1537 residential home sales in July of 2021 up from 1511 from July 2020. Average home sale price was $389,868. Prices are up from $365,751  in July of 2020 and up 9.4% year-to-date. Average days on market is 39 days.

New listings for the month of July sit at 2588 up 294 listings from last year.

The selling price of single family home is at $475,548 up 6.7% from last year. Duplexes and row housing prices are up 6.4% to an average of $365,336. Condo sales saw an increase in price of  10% to an average of $237,743.

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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July-2021-Residential-Statistics-City-of-Edmonton

Residential-Statistics-City-of-Edmonton-July-2021

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