Residential Statistics City of Edmonton February 2022

RESIDENTIAL STATISTICS CITY OF EDMONTON February 2022

The REALTORS® Association of Edmonton has released the February 2022 Residential Statistics – City of Edmonton. The Edmonton Home Market is in high demand as inventory levels fall dramatically!  Residential home sales in February of 2022 went up 56.8% (609) homes from February 2021. Average home sale price was $410,508. Prices saw an increase of $37,096 from last February that’s an increase of 3.2% year-over-year. Average days on market is sitting at 47 days.

New listings for the month of February came in at 2276 up 21.6% from last year.

The selling price of single family home is at $501,425 up 12.2% from last year and had 1000 sales. Duplexes and row housing sold 223 homes, with prices up 10.2% to an average of $389,152. 428 Condos sold at an increase in price of  3.2% to an average of $220,066.

MORTGAGE QUALIFICATION CHANGES

The Bank of Canada has raised its key interest rate for the first time since slashing the benchmark rate to near-zero at the start of the COVID-19 pandemic, in a bid to tackle inflation rates that are likely to keep rising from their current three-decade high.

The central bank increased its key rate by a quarter of a percentage point to 0.5 per cent on Wednesday in a bid to help fight inflation, which is at its highest level since 1991.

The move prompted Royal Bank and TD to raise their prime lending rates — and other big banks were expected to follow — to increase the cost of loans such as variable-rate mortgages that are linked to the central bank’s benchmark rate.

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

Looking to make a move in Edmonton’s housing market? CLICK HERE to get a free home evaluation. Start home search by CLICKING HERE.

Not ready to make a move but curious what’s happening in the market in your neighbourhood? CLICK HERE to sign up for neighbourhood news. Get updates on the current listings, sales and real estate trends in your neighbourhood.

February 2022 Residential Statistics City of Edmonton. Click Image for Full Report.

February 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