We know that Edmonton is an amazing to place to live. But the process of buying or selling a home can seem impossible. And for those who look, it can be difficult to make sense of the numbers.
Fortunately, the new statistics that came out this August paints a pretty good picture for people looking to buy a home in Edmonton. According to the Canadian Real Estate Association, Alberta’s housing average sits in the top three provinces in terms of housing prices. It might look like rising prices are a challenge for buyers, but there are unique advantages for homebuyers in this market, too.
Locally, The REALTORS® Association of Edmonton report that the current average price for all residential homes sits at $362, 091, which is a slight decrease from two months ago. This can be expected as sales slip from people trying to get the last bits of vacation in through the waning days of summer.
The great thing is that the demand this year has been high. Prices year-over-year have been up from between 3.9% for single detached homes to 9.2% for duplexes/rowhouses.
Overall residential sales was up nearly 10%, suggesting that demand is strong, and it is likely to remain that way throughout the rest of the fall.
Also, the year-to-date listings are up over last year, which indicates that there will be plenty of opportunity for both buyers and sellers this year, and possibly into 2015.
It’s important for people to understand that this market offers tremendous opportunity for both buyers and sellers. Considering that our average income across Edmonton CMA is almost 20% higher than the national average (according to Global), our home prices are remarkably affordable. Additionally, there are numerous options available for you to make a move into this market, whether it’s a home for your family or an investment property.
We are here to help! If you want to buy or sell a home in Edmonton, we can work with you to help you navigate through the process.
Get in touch with us, and we can have a conversation about getting you into your dream home today.