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Edmonton Real Estate News: August 2020 Update and 2021 Forecast
December marks the end to an eventful year in Edmonton's real estate market. Despite the impact of COVID-19, total sales in the Greater Edmonton Area in 2020 rose by 2.94% compared to 2019. 679 single-family detached homes were sold in December for an average of $428,900 and a median of $400,000. 259 condo apartments were sold for an average of $217,843 with a median of $192,000. 143 semi-detached/townhouses/row properties were sold for an average of $331,034 and a median of $322,000.
Like Calgary's housing market, condo apartments remain in oversupply compared to detached and semi-detached properties. Despite increased sales volume, prices have fallen by 4% year-over-year for condos compared to minor increases for other property types. The same dynamics are at play in Toronto's housing market where demand has shifted towards larger properties, leaving a weaker market for condo apartments.
Despite these setbacks, a rapid increase in money supply with the Bank of Canada's promise to continue quantitative easing and low interest rates into 2021 is likely fueling additional housing exuberance and speculation. In addition, Prime Minister Justin Trudeau and the Federal Government have announced the extension of the Canadian Emergency Wage Subsidy until 2021. As a result, asset price inflation is likely to continue as money pours into the economy through both monetary and fiscal policy.
Top 1% Commission Agents in
Calgary Commission Structure
Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Calgary, the total commission rate is structured as 7% for the first $100,000 of a home’s sale price and 3% on the remaining balance. Seller agents usually get half or 50% of this total commission with buyer agents getting the other half. To calculate your real estate commission for Calgary, see our calculator below. For other cities in Alberta, please visit our Alberta real estate commission calculator page for more information.
Calgary Real Estate Tools for Buyers and Sellers
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