Edmonton, St Albert, & Area RE/MAX Real Estate Professional

  The stats that were just released by the REALTORS® Association of Edmonton indicate that the housing market in Edmonton has stabilized somewhat.

 

Prices have dropped a bit more but I am seeing the number of listings has started to decrease. Is it a summer lull? Did we have a quick movement of buyers buying because of the impending changes to mortgages? Or is the market stabilizing for the foreseeable future. I think its a mixture of all of the above.

 

Mortgage brokers have told me that the lenders are getting out of the 40 year amortization mortgages and zero down payments earlier than required. If buyers have pre-approvals within these criteria they have to get going on a purchase to have possession prior to October 15th.

 

We'll see where the market goes in the next few weeks.

 

*Note*   Check out the spreadsheet that Mike Muranetz and I maintain and update every couple of days. It gives the number of active single family homes and condo listings in 3 different cities.