March 2021 Greater Edmonton Area Real Estate Activity

Well March came in and went out as a “Lion” with regards to the overall residential real estates sales last month. Fueled by low interest rates and strong demand by both first-time and step-up home buyers, the market took off. Although the number of new listings increased by 55.7% when compared to February, the sales demand was strong enough to reduce the average days on market to 42 overall and only 37 days for single-family homes.

With the strong sales was an increase in the average selling price of the single-family detached homes to $457,936. A closer look at the stats indicates some of this price rise is attributed to higher demand in the over $500,000 market. Step-up buyers have been very active in purchasing their next dream home and it was not unusual for us to see multiple offers and quick sales for quality homes in desirable locations.

With the spring market just getting underway we expect the trend to continue for the next little while at least. There is currently a proposal to increase the stress test to 5.25% from the current 4.79%. This change might cause homebuyers to hurry up and close a deal before the new qualifying rate comes into effect.

In the meantime, if you’re looking to buy or sell and are seeking some advice, please let us know. Until then, enjoy the warm spring weather, sunny skies and sweet birds chirping!