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Edmonton House Hunting

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The Edmonton Real Estate Blog, Market Information, Advise & Opinion

 

NEW YEARS IS TOO LATE!

With the change in upcoming qualifing mortgage rules, there is some good news.

Pre-Approvals committed before January 1st will remain valid up to 120 days following the initial credit decision. Approved applications closing beyond January 1st will remain valid; no re-adjudication is required as a result of the qualifying rate update.

Expect the average Canadian's home purchasing power for a given income to be reduced 15-20%. Here's an example of the impact a new qualifying rate will have on the maximum mortgage proceeds and home purchase price.  Amounts are based upon a combined Canadian family income of $75,000, 5-year fixed term mortgage at a target rate of 3.39%, 25-year amortization, $100,000 available for down payment, and $700 in other monthly debt obligations:

With a qualifing rate of two percent higher after January 1st, with a 20% downpayment changes dramatically. For example - qualifing purchase price prior to January 1, 2018 would be $400,000 and on January 1, 2018 would be $325,000.

 

If you would like a contact information for one of our in-house mortgage brokers for your pre-approval, contact us.

 

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Is Edmonton's Real Estate Market is Turning?

 

 

Timing is one of the key factors when it comes to purchasing real estate. The key to making money is buy low, sell high and real estate is no exception. RE/MAX.ca has just unleashed Canada’s Housing Market Outlook for 2017 and Edmonton is doing well. If you have been considering "up-sizing", now is a great time to invest before Edmonton's real estate market soars again.

 

Detached, single-family homes are the most sought after property type in Edmonton, and older homes in mature neighbourhoods typically receive multiple offers as a result of low inventory. A wide variety of inventory across the rest of the market provides good opportunities to move-up buyers who drive demand in Edmonton.

Stable prices have created good value in the upper-end of the market, resulting in 33 properties selling for over a million dollars in the first quarter of 2017. New approvals for high-rise condo developments in Edmonton’s downtown core and the Whyte Avenue district are expected to fuel condo market activity in the region moving forward.

The housing markets in Calgary and Edmonton remained relatively stable, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased slightly, by two per cent year-over-year in 2016, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province.

 

Highlites of Edmonton's real estate market for the first quater of 2017 include the stability of home prices, an increase of multi-million dollar homes being sold, more infills being built and several multiple offers on single family detached homes. Way to go Alberta!

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