Why Now Is the Best Time to Buy an Edmonton Home and Take Advantage of the Lowest Mortgage Interest Rates in Decades

October 9, 2020 7:00 am Published by Terry Paranych Real Estate Group

Recent numbers released by the REALTORS® Association of Edmonton have revealed that Edmonton’s housing market is nothing short of thriving. In fact, despite early market uncertainties as a result of the recent pandemic, the capital region has experienced “record-shattering” home sales over the last several months.

Healthy Market Increases

In September alone, sales were up a whopping 35.55% from September 2019. While there was slightly less inventory available (down 15.15% from last year), the number of new residential listings on market is up both year over year and month over month (10.73% from 2019 and 5.90% from August 2020).

An Uptick in Single-Family Home and Condo Sales

September also saw single-family home sales up nearly 50% from this time last year, with condo unit sales also climbing 7.26% – a sure sign that Edmonton home buyers are taking advantage of favourable buyer’s market conditions. And, thanks to the current influx of market listings, home seekers can look forward to a wide variety of inventory to choose from.

Additionally, September’s single-family home sales kept an even keel from the month previous, remaining at 1,188 – regardless of an uncertain back to school season.

Home Sellers Benefit from Increased Average Sale Prices and Decreased Time on Market

With average listing prices up 7.14% to $376,571, now may also be the perfect time to consider selling your home – especially with the ongoing healthy buyer demand, which continues to drive sale prices up as we enter October. On average, single-family homes sold for $440,020, up 4.73% from last year or, a $20,000 + increase.

Condo sale prices also saw a favourable surge, up 6.74% to $232,237 from September 2019 and 1.34% compared to August. While duplex sales prices did experience a minor drop from last year, average prices hold steady at $340,519.

Is now the right time to sell your Edmonton home? Find out how much your home is worth our Free Market Evaluation!

Mortgage Rates Are at a Record Low

According to experts, Canadian mortgage rates are the lowest in history. In an effort to protect the economy from fallout as a result of COVID-19, the Bank of Canada dropped its target rate from 1.75% in March to a minimal 0.25%. (with low trends expecting to continue into next year). In short, home buyers will benefit from thousands of dollars in interest savings over the lifetime of their loan.

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