Edmonton sales slip as interest rates raise concern

by Steve Randall06 Oct 2017
Potential homebuyers in Edmonton may have been more cautious in September amid increased interest rates.

Home sales were down 13% from August and almost 7% from September 2016 to 1,341 with detached homes, condos and duplex/townhouses all suffering double-digit declines month-over-month.

"Once the distractions of summer are over, the market usually picks up with buyers looking to move in to a new home before the snow flies", says James Mabey, Chair of the Realtors Association of Edmonton. "However, it is possible we didn't see a strong performance for unit sales this September because the Bank of Canada raised interest rates twice this summer, putting some downward pressure on buyer purchase intentions.”

He added that the market remains in good health and prices are holding up despite the moderated sales.

The average selling price in the Edmonton market was $370,252 for all home types, down 0.85% month-over-month and down 1.06% from September 2016. Duplexes/townhouses saw the largest declines while condos gained.

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