Are Edmonton Homes Becoming More Affordable?

Tue, 25 Nov by edmontonhomepros
Edmonton Homes More Affordable

Homes like these energy efficient Oxford area homes are becoming more affordable in Edmonton Photo credit: CTV

This week, RBC Economics released a report that states that overall, Canada’s real estate has become slightly more affordable.

Even with the fast-rising prices in Vancouver and Toronto (and to a degree Calgary), the country is still in relatively good shape.

RBC Economics says that rising household incomes, lowered utility costs and low interest rates are making it easier for people to enter the market.

As you might have seen in our last post, there are many factors at play that can influence affordability and pricing of real estate. The Canadian Real Estate Association quoted a 7.1% year-over-year increase over October 2013. The MLS home price index posted price gains of 5.5% over last year (which is quite a bit lower than CREA’s numbers).

Either way, with the big three markets influencing our national landscape, it may seem easy for some to believe that home affordability is slipping away.

It isn’t.

Across the western provinces, homes have slightly risen in price—once we remove Calgary and Vancouver from the equation. Both cities’ markets have witnessed growth far beyond the national average. In many other markets, we’ve seen only slight to moderate growth at rates that are very comfortable for those markets.

We call the prices respectable because the drop in fixed mortgage rates is keeping the market strong. Also, the gradual rising incomes in the west are also helping to keep homes affordable.

So many of us are preparing to hear panic about the market, but the price conditions of Edmonton homes—as well as other western cities—are robust with a firm foundation.

We have settled into a solid growth trend, and affordability for Edmonton home buyers is improving. It’s never been a better time to get into the market.


If you are thinking about buying or selling your Edmonton home, get in touch with the Edmonton Home Pros team.

We’ve got the experience to help you make sense of the market and find the home that’s right for you and your family.

 

2014 Canada Avg Home Prices and Edmonton Real Estate

Tue, 18 Nov by edmontonhomepros
Canada's Average Housing Prices: Edmonton Real Estate

Graphics designed and published by CBC.

It’s been a big year for many of Canada’s hottest housing markets.

The average buying price of a home jumped up over 7% compared to the same time last year, according to the Canadian Real Estate Association (CREA).

At the same time, the actual number of homes sold is almost identical in growth (7%).

With having a soft spell earlier this year, this is welcome news for anyone in the market or looking to get into it.

For one thing, October tends to be a softer month than the busier days in the spring and summer, as people are eager to buy and sell. But having an October that is this active bodes well for the busier housing markets, and this includes Vancouver, Toronto, Calgary and Edmonton.

Additionally, the two hottest markets in the city appear to be lifting the numbers slightly. Taking Vancouver and Toronto out of the equation, the average home price for the rest of the country is $330,596 with a year-over-year rate increase of just 5.4%.

Several of our country’s major cities have seen slight declines in year-over-year pricing. Sherbrooke Quebec saw the most dramatic with a drop of 14%. The remaining 8 cities saw pricing declines between 0.3% and 3.7%, which shouldn’t shake up those local markets too badly.

The Edmonton Home Pros Team has worked for years in the hearts and surrounding areas of these communities

We’ve seen the numerous market changes and forces at play, and we can help you navigate the market whether you are buying or selling your home.

Don’t be alarmed with steady growth. The Edmonton real estate market is strong and continues to follow a path that many in our industry have seen coming. They say a rising tide lifts all boats, and if you are looking to make a move in the marketplace, there is no better time than now.

So get in touch with us and we can have a conversation about making the right decisions for you and your family.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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