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Edmonton's real estate market had a strong start to the spring season this March with significant sale activity increases across all property types. Home prices have also grown both on a month-over-month and year-over-year basis with surburban and freehold properties experiencing the greatest growth.
Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.
Average sold prices for all property types increased by 14% year-over-year to $391K. This increase was due to both an increased share of higher value detached and townhouse properties as well as price growth. Prices of detached homes and townhouses increased by 13% and 11% year-over-year to $458K and $348K, respectively. Condo apartments also saw year-over-year growth of 5% to $229K. However, after accounting for the temporary effects of COVID-19 last March, condo prices have actually remained stagnant this past year.
Home sales in the Greater Edmonton Area reached 2,441 home sold this month, a 109% increase vs. March. 2020. Sales of detached homes and townhouses rose by 118% and 117% to 1,586 and 287, respectively. Condos also experienced sales growth by 78% YoY to 512 transactions. While new listings have increased along with sales, inventory continued to decrease as buyers outnumber the number of available sellers.
Rising mortgage rates pose a dual-edged sword to Edmonton's housing market and other real estate markets throughout Canada. In the short-term, buyers are looking to purchase and lock in their mortgages, prompting a surge of demand for properties. In the long-term, however, a rise in mortgage rates will lower the purchasing power of potential buyers and pose a tailwind to housing prices. This effect is limited to fixed rate mortgages - variable mortgage rates are still remaining stable as the Bank of Canada has signalled for no rate increases until 2023.
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.
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