The average price for an Edmonton single family home has hit an all-time high.
The average sales price for a home will set you back $432,000, according to the Realtors Association of Edmonton (RAE) — almost $6,000 more than the previous high set in May 2007.
RAE President Greg Steele told Global News he expects to see even more growth in the market in coming months, but says Edmontonians should not fear a bubble.
“No scare of a bubble at all,” he said. “Our lending requirements are probably the most secure in the organized world.”
However, the record high price is an indication of a hot real estate market, one that is not particularily friendly to first-time homebuyers.
“All the realtors are going in on the first day and there are multiple offers, so it can be really frustrating for people,” realtor Tim Oliver told Metro Edmonton.
“I tell all my buyers that whenever something comes out on the market that is competitively priced and in a good location that we have to be on in right away,” he said. “We need to be in that house within the first 12 hours of it being listed.”
CBC News reports bidding wars have become increasingly common, especially for lower-priced homes and homes in desirable neighbourhoods.
And while many homes are selling in a matter of days, the RAE says the average family home is remaining on the market for 44 days, down from 51 in March 2013.
Check out some examples of what you can buy in Edmonton for less than half-a-million dollars.
The average sales price for a home will set you back $432,000, according to the Realtors Association of Edmonton (RAE) — almost $6,000 more than the previous high set in May 2007.
RAE President Greg Steele told Global News he expects to see even more growth in the market in coming months, but says Edmontonians should not fear a bubble.
“No scare of a bubble at all,” he said. “Our lending requirements are probably the most secure in the organized world.”
However, the record high price is an indication of a hot real estate market, one that is not particularily friendly to first-time homebuyers.
“All the realtors are going in on the first day and there are multiple offers, so it can be really frustrating for people,” realtor Tim Oliver told Metro Edmonton.
“I tell all my buyers that whenever something comes out on the market that is competitively priced and in a good location that we have to be on in right away,” he said. “We need to be in that house within the first 12 hours of it being listed.”
CBC News reports bidding wars have become increasingly common, especially for lower-priced homes and homes in desirable neighbourhoods.
And while many homes are selling in a matter of days, the RAE says the average family home is remaining on the market for 44 days, down from 51 in March 2013.
Check out some examples of what you can buy in Edmonton for less than half-a-million dollars.
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