Edmonton house prices bump up slightly
New mortgage rules push down condo prices, say realtors
House prices in Edmonton continue to rise thanks to healthy employment rates, consumer confidence and the number of first-time buyers entering the market, according to Royal LePage.
The company's third-quarter house pricing survey shows a 7.5 per cent rise in the price of detached bungalows over last year to $335,429.
Standard two-storey homes rose 1.5 per cent to $356,714, while condos declined slightly by 0.6 per cent to $202,714.
The decline in the standard condo category can be largely attributed to the adjustment of the mortgage regulations, said Royal LePage.
Previously, the maximum amortization period was 30 years, but as of July 9th, that period has been reduced to 25 years.
Many first time buyers are targeting condos as their choice for their first homes, and the new mortgage regulations have had a considerable impact on this market, said the company.