Real Estate Prices in Edmonton Stable Although Sales Have Dropped
Per the report submitted by the Realtors Association of Edmonton in September, the prices of homes in Edmonton have stabilized compared to the year prior while there has been a continuous fall in sales.
According to Steve Sedgwick, the chairperson of the association, the average value of condos and duplex houses has remained the same but single-family homes have declined a little since 2014. The main reason behind the steady average prices of homes is reducing the speed of their sales and increasing number of registered properties. The absence of huge dips and hikes in their prices has enabled people to see this price steadiness.
The tightening of mortgage rules and closure of tax loopholes used by foreign buyers by the federal government may not affect these prices to a great extent. He further said that the impact of falling prices on the sales couldn’t be answered at this time as normally prices fall with the drop in home buying. In his opinion, the city can expect to see some kind of correction in prices if this trend continues for a longer time period.
Some figures of the assessment of the association regarding September’s regional housing market are given here:
Average sale price for single-family homes: $430,461
Average sale price for homes of all types: $373,926
Increase in sale price from September last year: 1.5%
Total sales of residential properties: 1,339
Drop in total sales since 2015 September: 8.4%
Sales of condominiums: 327
Drop in sales of condos since last year: 20%
Average sale price of condo: $251,365
Number of residential properties available for sale: 7,857
Increase in sale of properties in September 2015: 10.5%
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