Residential statistics City of Edmonton October 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON October 2021

The REALTORS® Association of Edmonton has released the October 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were essentially flat to same time last year. 1310 residential home sales in October of 2021 up 12.8% (149) homes from October 2020. Average home sale price was $379,910. Prices saw a slight increase of $1227 from last October that’s an increase of .3% year-over-year. Average days on market is upto 49 days.

New listings for the month of September sit at 1998 down from 32 last year.

The selling price of single family home is at $464,351 up 3.3% from last year. Duplexes and row housing prices are up 9.5% to an average of $373,282. Condo sales saw a slight increase in price of  .4% to an average of $222,206.

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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Residential Statistics City of Edmonton- October 2021

Residential Statistics City of Edmonton- October 2021 CREA

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