Residential statistics City of Edmonton September 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON September 2021

The REALTORS® Association of Edmonton has released the September 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were essentially flat to same time last year. 1315 residential home sales in September of 2021 up only from 18 homes from September 2020. Average home sale price was $379,187. Prices were also flat only up $2,838  from September of 2020 an increase of .8% year-over-year. Average days on market is upto 45 days.

New listings for the month of September sit at 2361 up from 2150 last year.

The selling price of single family home is at $465,250 up 3.9% from last year. Duplexes and row housing prices are up .6% to an average of $344,836. Condo sales saw a decrease in price of  -4.2% to an average of $217,395.

MORTGAGE QUALIFICATION CHANGES

Mortgage rate forecast for Q4 2021: Inflation is expecting the mortgage rates to get pushed up. 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