October 2107 Real Estate Report

November 29, 2017 6:22 pm Published by

Welcome to my monthly Edmonton Area real estate market report for October 2017. Baby, its cold outside! Last month I mentioned that often when I write these reports the weather is great but this morning I’m huddled by the fireplace hoping that at least the Oilers heat up.

Last month was an interesting month in the market where the sales of Single Family homes increased by 3.69% over September while the sales of Condo’s and Duplex/Rowhouses declined -8.17% and -10.06% respectively. The average prices for Single Family and Duplex/Rowhouses held fairly steady but Condo’s declined by -3.74%. It’s still a matter of too many Condo fish in a crowded sea.

No doubt it’s still a Buyer’s Market with a lot of choice in all categories and fairly stable prices. For Seller’s however the overall inventory declined by -7.11% and right priced homes are selling with in some cases multiple offers! I expect the number of listings will continue to decline through December as many Seller’s prefer to hold off the For Sale sign until after Christmas.

There has been considerable talk about what impact the recent changes to the Mortgage Rules will have on Buyers. Basically, if you were planning to have an uninsured mortgage with a down payment of 20% or more, you will have to meet the new stress test and probably qualify for less. For more details please check out the following link:

What the new mortgage rules mean for homebuyers

Quick Stats:
• Average Prices:
o Single Family $431,654
o Condominium $242,887
o Duplex/Rowhouse’s $340,740
• Total Inventory:
o 7691 Residential Properties For Sale
• Average Days on Market
o 61 Days

As always, I appreciate your referrals and if I may of any service, please let me know.

Go Oilers Go!
Chris

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This post was written by Cat and Chris