Residential Statistics City of Edmonton November 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON November 2021

The REALTORS® Association of Edmonton has released the November 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were up significantly to same time last year. 1314 residential home sales in November of 2021 up 29.6% (300) homes from November 2020. Average home sale price was $384,619. Prices saw an increase of $7129 from last November that’s an increase of 1.9% year-over-year. Average days on market is sitting at 50 days.

New listings for the month of November came in at 1654 up 251 homes from last year.

The selling price of single family home is at $467,351 up 3.5% from last year. Duplexes and row housing prices are up 2.9% to an average of $356,464. Condo sales saw a decrease in price of  -2.4% to an average of $219,684.

MORTGAGE QUALIFICATION CHANGES

Mortgage rate forecast for Q4 2021: Inflation is expecting the mortgage rates to get pushed up. The markets are anticipating the Bank of Canada will raise interest rates six times in 2022, starting in March. Those that are prequalified on their mortgage approval are seeking to get into the market before interest rates go 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 November 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON November 2021 Home Price Index CREA

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