Residential Statistics City of Edmonton January 2022

RESIDENTIAL STATISTICS CITY OF EDMONTON January 2022

The REALTORS® Association of Edmonton has released the January 2022 Residential Statistics – City of Edmonton. The Edmonton Home Market is HOT as inventory levels fall dramatically!  Residential home sales in January of 2022 went up 19.8% (164) homes from January 2021. Average home sale price was $375,538. Prices saw an increase of $11,713 from last January that’s an increase of 3.2% year-over-year. Average days on market is sitting at 59 days.

New listings for the month of January came in at 1682 down 11 homes from last year.

The selling price of single family home is at $451,054 up 3.3% from last year and had 576 sales. Duplexes and row housing sold 124 homes, with prices up 7.9% to an average of $368,792. Condos sold at an increase in price of  3.2% to an average of $220,478.

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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January-2022-Residential-Statistics-City-of-Edmonton

January 2022 Residential Statistics- City of Edmonton MLS® Home Price Index

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