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.