New Homes For Sale Edmonton
Edmonton is the capital of Alberta, Canada and is celebrated for its picturesque river valley and a flourishing music and art population. The municipality is situated 294km north of Calgary, and is home to North America’s most prevalent shopping and entertainment compound, West Edmonton Mall, which is not your average mall by any stretch of the imagination! It’s not just any shopping center; it incorporates 21 movie theaters, a huge water park, two-mini golf courses, skating rink, and a Vegas-type casino with an amusement park consisting of various rides and attractions.
Edmonton’s pulsating inhabitants are social and geared towards a more relaxed, upwardly mobile disposition. With the popular Whyte Avenue quarter near the highly regarded University of Alberta, the spacious Muttart Conservatory, Fort Edmonton Park, and the outstanding Alberta Legislative Building, there’s little wonder why new houses in Edmonton are worthy investment. Whether your preference is central, west, southwest, southeast, northeast, or northwest Edmonton, you will find plenty of new homes for sale in Edmonton districts that are great for singles or families.
New Homes For Sale in Edmonton
THE EDMONTON NEW HOMES FOR SALE MARKET IS RISING
The real estate market in the Greater Edmonton vicinity is becoming more robust, real estate market statistics are up extensively compared to the previous year, apart from listings and inventory. Higher demands and lower-supply has created an increase in price and a slew of frustrated home buyers. During the month of February there were 1189 home sales in the Greater Edmonton region, up from last February by 11.85%. Sales for new houses in Edmonton are roughly 10% more than the standard for the earlier part of the year at 61%.
The standard asking price for home buyers is increasing as well in the Edmonton Area. In February, the average home sale price was approximately $360,000, up 5% from the previous year, and the highest general average documented. The mid-level sale price was roughly $340,000, an increase of 3.5% from the previous year. However, the inventory of homes up for sale is still considerably lower than recent years and remains at 3,906, a decrease by 6.6% from last year. The low-level inventory is attributed to strong sales and a reduction in new listings.
New Homes in Edmonton For Sale
In February of this year, there were 1955 new houses for sale in Edmonton, down 2% from last year. Nonetheless, the surge in sales and prices from the previous year has not resulted in more sellers listing their properties. Some experts feel the reason for homeowners’ reluctance to list their properties is because of the recent news from Canada’s national housing association, the (CMHC) Canada Mortgage and Housing Corporation, to increase mortgage insurance premiums. Whatever the reasons, even though the market appears to be bellowing “list it now,” there seems to be less takers.
Then again, homeowner sales total for the existing month are adjusted to makeup for under-reported sales. Each month 6% of sales generally are not reported to the Association in enough time to be ready for the monthly report. The subsequent month numbers are updated to mirror the total sales during the month before. This means that the current month seems to appear worse in comparison to previous months. For instance, in January the report claimed 820 homes were sold when in fact there were 902, roughly a 10% miscalculation.
BOUNDARIES CHANGE IN EDMONTON HOME SALE PRICES
The typical average homeowner sales price record was achieved in July of 2007 at $354,000. Nonetheless, the boundaries used in the statistics in 2007 were not the same, as they incorporated all listings from the Realtors-Association of Edmonton. Since last year, the boundaries altered and were restricted to sales in the Edmonton-CMA as identified by CMHC, that embrace the Town of Edmonton and the Counties of Sturgeon, Strathcona, Parkland, Leduc, and the municipalities therein. Because the figures were turned back for five years under the boundaries, the comparison is off, but of interest nonetheless.
BUILDING NEW HOMES FOR SALE EDMONTON
Constructing a new home in Edmonton is an attractive option for prospective homeowners; however, there are queries that must be addressed prior to taking this road to homeownership. There will be vital determining factors to determine whether approval will be granted for building a new house in Edmonton. Approval for a construction mortgage can be affected as well. When selecting a location too remote or too near a possible disaster area, there will be additional barriers to finding a lender. The wisest advice is to find a realtor and mortgage professional prior to making a selection in order to prevent any distress later on.