Best mortgage rates - Edmonton

Edmonton vital statistics

According to the latest census conducted in 2006, the City of Edmonton's vital stats are as follows:

• Greater Edmonton population: 1,034,945 persons
• Making it the 6th largest metropolitan region in Canada
• By 2041, the population 50+ will double and represent 40% of the total population
• Edmonton's annual GDP growth is forecast to be over 4% in the next 5 years

Source: Last Canadian Census, Greater Edmonton Economic Overview 2008

Edmonton 2008 Housing Outlook

The CMHC reports that existing home sales in 2007 fell by almost seven% from the record MLS performance of 21,984 units set in 2006, with most of the downturn occurring in the second half of the year.

The average 2007 sales price was $338,009, which increased almost 35% over the annual 2006 average. It should be noted that all of these gains in the annual average occurred in the first five months of the year. Prices were in the doldrums during the second half of the year as buyers gained the upper hand. During the fourth quarter of last year and the early months of 2008, sale prices have largely moved sideways on a month-over-month basis. The CMCH expects a gradual shift to a more balanced market in the second half of 2008 as sales improve relative to new listings.

Average home prices will rise by only 3.4% in 2008, with most of the gains occurring after mid-year. A continued improvement in market balance in 2009 will result in a price increase of almost 6% for an annual average of $370,000.

Edmonton Mortgage Rate Outlook 2008 -2009

The CMHC latest Housing Association Market Outlook states that they expect mortgage rates in the Edmonton area to be slightly lower than their current levels, down marginally by 25-50 basis points.

In 2009, they expect that rates will be in the 6.50-7.50% range.

CMHC Edmonton housing market & Edmonton mortgage rate forecast

Source = CMHC
MLS = Multiple Listings Service