Edmonton resale housing market maintains stability in uncertain world - Edmonton, November 2008 "Sales typically slow in the fourth quarter and this year is no exception," said Marc Perras, president of the Realtors® Association of Edmonton. The average price of a single family residence was up one third of a percent (0.33%) over September at $363,274.00 The average days on market also dropped from 61 to 58 days in October.
Edmonton resale housing market sizzles in third quarter October 2, 2008 September residential sales were up 65.9% from the same month in 2007 and built on year-over year sales increases in July and August. "Edmonton may be the only housing market in western Canada that has increased sales in the third quarter," said Marc Perras, president of the Realtors® Association of Edmonton. "After peaking at record sales numbers in early 2007 the market slowed through the first half of this year. But sales have certainly picked up to the normal range and surpassed same month sales from last year." "The sales increases may have been helped by slightly softer prices for all types of homes," said Perras. "But a bigger factor is the continuing strength of the local economy including low unemployment, low vacancy rates and economic growth at four times the national average." "Home buyers have come to the realization that a sudden market collapse in Edmonton in unlikely and that now is actually a good time to buy a home while inventory still remains high and interest rates are low," he said.
August residential sales up 18.6% over last year Residential sales up 18.6% in August as compared to August, 2007. Sales, compared month to month, were stronger than last year for the second consecutive month. Single family average is $369,190.00, the lowest price in 18 months. DOM (days on market) rose to 63 days. Maintain contact with HomeLife to ensure that you are up-to-date on the day-to-day changes in this dynamic market!
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"Consumers need to know and understand the real costs of mortgages before they can make an informed decision on the type of mortgage they need," says FCAC Commissioner Bill Knight. "What they don't know now could cost them thousands of dollars in unanticipated interest and penalty charges down the road." Knight suggests that consumers should ask themselves three key questions before signing a mortgage agreement: How long will I stay in this house? How quickly do I want to pay off my mortgage? and How much can I afford to pay each month? FCAC's toolkit helps answer those questions.
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