This year is off to a busy start as Covid 19 continues to have its impact on Real Estate! With low interest rates, we have seen a surge in new home buyers and homeowners looking to upsize.
As interest rates are curving upward, many are eager to get into their new homes as soon as possible. Here are some notable market updates that I wanted to share with you:
TD Bank was the first of major banks to hike its 5-year fixed mortgage rates
Edmonton’s vacancy rate reached 7.2%, the highest in Canada among cities surveyed by Altus Group in a recent study
February year to date sales reached 1905, an increase of 45% from 2020
1904 new listings came on the market in February, compared to 1718 in January, up 12.3%
Average Residential selling prices increased 2.7% since January and 4.8% since this time last year
If you know of someone who is looking to move, or considering a move yourself, I would be happy to discuss the market conditions and best options! On the other hand, perhaps you have a mortgage renewal coming up in the next few months? If so, you may wish to call your bank today and discuss your options for locking in a rate. I know some great mortgage brokers that I can recommend if you would like to shop around for the best rate!
A big benefit of having a professional you can trust is knowing that you never have to go it alone. Help is only a phone call away! I hope you feel comfortable reaching out to me when you have a question or want advice that’s real estate-related. As a professional, I have the data and insights needed to provide you with the information you want, particularly as it pertains to your property and the local market. Even if you just need to tap into my network for a contractor recommendation, I’m happy to help.
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