Residential Statistics City of Edmonton December 2021

RESIDENTIAL STATISTICS CITY OF EDMONTON December 2021

The REALTORS® Association of Edmonton has released the December 2021 Residential Statistics – City of Edmonton. Home sales in Edmonton were up significantly to same time last year. 968 residential home sales in December of 2021 up 20.5% (165) homes from December 2020. Average home sale price was $379,860. Prices saw an increase of $22,948 from last December that’s an increase of 6.4% year-over-year. Average days on market is sitting at 54 days.

New listings for the month of December came in at 1053 up 137 homes from last year.

The selling price of single family home is at $471,705 up 9.4% from last year. Duplexes and row housing prices are up 9.5% to an average of $368,041. Condo sales saw a decrease in price of  -5.9% to an average of $201,752.

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).

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December 2021 Residential Statistics City of Edmonton Click Photo For Full Report.

December 2021 Residential Statistics- City of Edmonton MLS®Home Price Index

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