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Condo down but SFD prices higher than last year – REALTOR® Prez #yeg #yegre

We’ve mentioned before that housing prices through the year typically follow a predictable pattern. Sometimes external forces push the market one way or the other and the pattern will change. In recent years, changes to the mortgage qualification rules announced by the Finance Minister have influenced consumer behavior and changed the typical patterns. A limit on the allowable mortgage term from 30 to 25 years last month had a slight effect on the local market. Sales did go up as compared to a year ago but prices declined slightly.

 

  • Average price of single family homes in July -$384,417, down from $393,471 in June.
  • Average Condo price in July -$237,701 down from $242,720

The average price of a single family home is still higher this July than it was a year ago. Condo prices haven’t maintained quite the same pace, with prices slightly lower than the same time last year. We’re not seeing wild price swings from month-to-month or even from year-to-year, so buyers and sellers are able to enter the market with confidence. It’s comforting to know that prices aren’t likely to change drastically right after you’ve made your move. For a better understanding of how residential prices in Edmonton will affect you, talk to your local REALTOR® – here when life happens.

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