The heading in the business section of the Edmonton Journal says it all – “HOUSING MARKET PERKS UP”. Despite economic uncertainty and the increasing number of people who are losing their jobs, our Edmonton resale marketplace picked up in April with sales increasing from the previous month and from the same time last year.
There were 1,843 residential sales in April, up 1.1 percent from April of 2008 and 33.6 percent over March results from last month.
With mortgage rates dropping, a high selection of homes available and prices continuing to stabilize, more homebuyers are entering the market compared to the early months of 2009.
Many of the buyers are commenting that earlier higher prices from 1 ½ to 2 years ago had kept them out of the market and now with lower prices and with mortgage rates at an all time low, this has allowed these buyers to enter the market with prices more affordable and monthly payments now within their budget. Basically with home prices down nearly $100,000 from 2 years ago is equal to a reduction in mortgage expense of approximately $600 per month.