October Real Estate Report
November 5, 2016 11:31 pmWow, as I sit here writing this update on my porch the weather in Edmonton is fantastic! It’s +15 and the golf courses are open. Oh, did I mention its November 4 and I’m going motorcycle riding tomorrow!!
October was actually a pretty good month as sales increased 5.5% over last year. The change in mortgage rules no doubt played a role as many buyers moved into the market before the qualifications changed on October 17. The real estate market typically slows into the colder months so I expect November sales will reflect that trend. The average selling prices which were relatively stable showed some softening with the average single family home selling for $423,755; down 1.75% from last year. Condo’s were steady at $245,698; up 0.5%, but Duplex/Townhouses declined 6.9% to $332,565.
It is a good time to be a buyer if you qualify for a mortgage. Rates are not expected to rise much and buyers have great choices with good price per square foot values. So where do we go from here? Who knows but the November weather is great and the Oilers are off to good start!
PS:If you’re interested, have a look at the ATB’s Economic Outlook via the following link: http://www.atb.com/SiteCollectionDocuments/About/Alberta-Economic-Outlook-Winter20162017.pdf
Please give me a call if you have any questions or if I may be of some service.
Cheers
Chris
Categorised in: Real Estate Market Updates
This post was written by Cat and Chris