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4. Is this a good time to buy a home in Edmonton? It’s hard to say. Prices keep rising, so there is a risk of being priced out of the market. At the same time, there is a risk that the Edmonton market could weaken due to the impact of the rest of Canada. It's almost impossible to time the market.
- Annual Real Estate Cycle
The good economic news improves buyer sentiment while also...
- The Benefits of a Mortgage Broker
According to a recent CMHC survey, 80% of first-time buyers...
- 4 and 5 Bedroom Condos
45% of homes proposed in the City of Vancouver are suites...
- Vancouver Home Price Forecast
A first-time homebuyer household earning $75,000 (the median...
- Real Estate Market News
Critical analysis, trends, and insights. Canadian real...
- Five Forces Driving BC Home Prices
While British Columbia’s population has been growing at...
- Annual Real Estate Cycle
Aug 18, 2023 · Edmonton’s home prices are very affordable. A first-time homebuyer household earning $94,000 (the median Metro Edmonton household before-tax income) can get a $380,000 mortgage. That’s more than enough for a first-time homebuyer to buy a condo, but buying a house is now out of reach for at least 1 in 3 Edmontonians.
Nov 5, 2024 · Since the December 2022 trough, the average home sold price in the Greater Edmonton Area (GEA) climbed 16% to reach an all-time high of $420,507 in May 2023. From May to November 2023, the average Edmonton home price has been on a downward trend. Edmonton Home prices have grown since November 2023 to reach their all-time high of $441,350 in May ...
- Housing Supply and Demand
- Interest and Mortgage Rates
- Immigration Levels and Population Growth
- The National Average
- The Job Market
- The Pros and Cons of Homeownership
- What Is Your Financial situation?
- Down Payment Information
Another important factor to consider is the current supply of homes. In general, if there are more buyers than there are houses on the market, prices go up. This is called a buyer’s market. It means would-be buyers have more negotiating power and they can get a good deal on a home. On the other hand, if there are more houses than there are buyers, ...
You can’t talk about buying a home and not discuss how the current interest rates and mortgage rules play into the decision. As of October 2022, the Bank of Canada has continued to increase policy interest rates, and the prime rate is 5.45%. While this number isn’t overly high, it is the highest rate it’s been since before the pandemic. The chart b...
You also need to consider the growth rates in the area. If the area is growing rapidly, that could mean that prices will continue to rise in the future. Immigrant populations are a good indicator of future housing prices. If there is a lot of immigration to an area, that generally means that demand for housing is high and prices will continue to ri...
This is quickly becoming a key factor when deciding if now is the right time to buy a house or not. Many people are trying to decide what major metropolitan area they want to live in. For example, Edmonton is a popular place for many immigrant families. The cost of living as compared to other major cities like Vancouver and Toronto is much lower, w...
Alberta’s unemployment rate in April 2022 was the lowest it has been since 2015. Thousands of jobs are being created to help diversify our economy. Diversification is not just a buzzword, it’s happening faster than anyone expected. As more jobs are being created, more people are moving into the city to fill them. The appeal of job security and adva...
The biggest pro of homeownership is the ability to build equity. Unlike renting, where you’re just paying your landlord’s mortgage, when you own your home, you’re paying down your own mortgage. Over time, as your home appreciates in value, you build equity. This is like a forced savings plan and is one of the biggest advantages of owning a home. An...
Another key factor is your financial situation. Do you have a steady income and good credit? If so, then you may be in a good position to buy a home. However, if your income is inconsistent or you have bad credit, you’ll want to wait until you’re more financially stable. Make sure to check your credit report before you start on your home buying jou...
How much can you afford to put down on a house? It’s one of the top financial decisions you’ll need to make. This ties into your personal finance information and is one of the main factors for a lot of people when deciding on a home purchase. Generally speaking, the minimum down payment to buy a house in Canada is 5% but there are some conditions t...
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Jan 25, 2021 · A first-time homebuyer household earning $94,000 (the median Metro Edmonton household before-tax income) can get a $380,000 mortgage. That’s more than enough for a first-time homebuyer to buy a condo or a house. Edmonton does not need any help with housing affordability, but it could help boost the economy to stabilize the home values.
The key message we want people to hear is not to panic: the Edmonton housing market is still one of the best in the country, particularly for first-time home buyers. Edmonton Real Estate Market Update Infographic and statistics courtesy of the REALTORS® Association of Edmonton
People also ask
Is it a good time to buy a home in Edmonton?
Should Edmonton's House prices go up 3% a year?
What is the average home price in Edmonton 2023?
Is buying a home in Edmonton still a good investment?
Are Edmonton home prices on a downward trend?
How much did Edmonton homes sell in October 2024?
The median house price in Edmonton for a single-family detached house increased 11.1% to $470,400. Compared to other regions across Canada, Edmonton homes remain relatively affordable with room for continued growth over time. MLS Edmonton Home Price Index Courtesy of REALTORS® Association of Edmonton
