Here’s some welcome news for Edmonton first time home buyers: housing prices are “levelling off” according to industry experts.
Referencing a Royal LePage report, the Edmonton Journal noted that for the third quarter of 2010 (July, August and September):
· Edmonton and surrounding detached bungalows averaged $311,429 – or 0.9% higher than last year
· Edmonton and surrounding two-story houses averaged $338,571 – or 3.4% higher than last year
· Edmonton and surrounding standard condominiums averaged $204,167 – or 3.6% lower than last year
· A standard condo in Clareview averaged $160,000 – or 11.1% lower than last year
· A detached bungalow in Clareview averaged $250,000 – or 9.1% lower than the year before
In a news release, Ken Shearer, a broker with Royal LePage Noralta Real Estate stated that:
For most housing types, prices have increased slightly from where they were a year ago…[h]owever, we are currently witnessing a levelling off of prices after the quick recovery that began in 2009 and continued through until the spring of this year…[t]o put it in simple terms: prices fell last year, rose quickly through spring and summer of 2010, then dropped back down.
All of this “levelling off” is a refreshing change from the double-digit increases that dominated the marketplace for 2009 – including a record 20% increase in October, 2009.
And it’s particularly welcome news for Edmonton first time home buyers, who aren’t being squeezed out of the marketplace, or being forced to choose one of location, quality or value.
However, the respite may be short-lived. Experts predict an across-the-board growth rate of 3-5% in 2011.
What does this mean to you? As a prospective first time home buyer, it means that now is the time to act, while the “levelling off” effect means lower prices and more selection. Alas, like many good things in life, it won’t last.
Contact me at 780-709-0811 to create your personal and customized first time home buying program, and take advantage of the cool prices before they heat back up!