December 2017 Real Estate Report

January 5, 2018 4:19 am Published by

Happy New Year! Welcome to my monthly Edmonton Area real estate report for December 2017. Wow, was it frigid over Christmas or what?

What actually heated up a bit was the total Residential sales compared to every other December back to 2013 (see below). I’ve heard speculation that the change in Mortgage Rules starting this January might have pushed Buyers to action but I’m not sure that tells the whole picture. It might be that some are expecting a rise in interest rates and instead of sitting on the fence are jumping off. However I’m thinking that we Edmontonians are getting a little swagger back.

With that, sales in all categories declined in December compared to November which follows the normal seasonal trend. The average home price also declined a tad improving overall affordability.

Regarding “affordability” have a look at the chart in the following link. https://goo.gl/go8uom . Alberta rates the best in the country! It’s easy to miss that fact when the headline reads “ Housing Affordability in Canada has Never Been Worse”. I’ll be attending a 2018 Housing Forecast Seminar on January 10 and look forward to what the “experts” say about our local market and will pass the news on to you.

Quick Stats:

  • Average Prices:
    • Single Family                 $416,688
    • Condominium              $236,261
    • Duplex/Rowhouse       $337,020
  • Total Inventory:
    • 5736 Residential Properties For Sale
  • Average Days on Market
    • 69 Days
  • Total December Residential Sales
    • 2017: 910
    • 2016: 762
    • 2015: 771
    • 2014: 869
    • 2013: 818

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

Cheers,

Chris

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This post was written by Cat and Chris