First-time buyer report – Edmonton
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Bargain house prices and record low interest rates may serve to finally entice first-time buyers back into the Edmonton real estate market.
The advent of the traditional spring market has been marked by a noticeable upswing in sales, greater absorption of active listings, and occasional multiple offer. After peaking at 11,000 listings in the mid-2008, Edmonton’s housing supply is back down to a more manageable 7,000 units. Average price has fallen to $308,970, down nine percent from one year earlier.
Days on market (61) are up marginally from one year ago. The combination of lower housing values, attractive financing, and government incentive programs are encouraging first-time buyers to venture forward.
Those who enter the market are finding a good selection of homes listed for sale at smart prices. Edmonton’s older communities are most popular with first-time buyer, who can purchase a single-detached homes starting at $225,000 or 1,000 sq.ft. condominium at $150,000.
While concerns about crude oil prices have weakened consumer confidence levels, the unemployment outlook remains relatively stable in Edmonton. First-time buyers with job security will find that a good credit rating and a five per cent down payment will go along way with financial institutions. The days of zero down and 40-year terms are gone, but purchasers with good Beacon scores should have few problems realizing home ownership.
Source: Re/Max
