Tania Grozelle, your Red Deer mortgage broker, understands how big of a commitment it is to become a homeowner. As your local Red Deer mortgage broker she recognizes that buying a house may be the biggest expense you ever make, therefore, she and her team will work hard to find you the best rates out there. To make this happen, we first need to understand the trends of the current residential market.
Central Alberta Update
According to the Canadian Real Estate Association, the January 2018 sales have significantly increased from the previous year. In January 2018, there were 224 units sold, which is a 21% increase from 2017. This year was the highest month of sales since 2014. By the end of January, there were 3,032 active listings, which is the most listings Central Alberta has had in winter since 2011. All property types sold in January 2018 equaled 224 units, which was about a 21% increase from the year prior.In addition, the total value of sales have increased 18.5%, totalling $78.2 million.
Over the next few months, however, the total sales are expected to drop. Due to the new Canadian Mortgage Rules, a mandatory stress test has been implemented on all Red Deer Mortgages. The purpose of the stress test is to see if homeowners can still afford their loan payments if there were an increase in interest rates. This new rule has said to affect Canadian’s affordability by as much as 15%. For more information on the new mortgage rules, or to see if this rule affects your affordability, please contact 403-392-5808.
Current Red Deer Pricing
According to Zolo.ca, the current median asking price in Red Deer is $400,000 for a detached home, $253,000 for a townhome, and $200,000 for a condominium. The total price of homes have decreased 1.52% since April 2017, and the median monthly cost for a Red Deer mortgage is $1,338.
If you are looking for a home in Red Deer, now would be a great time to buy due to the recent decline in listing price. Start looking now before the prices increase again.
As your local mortgage broker in Red Deer, Tania Grozelle would love to work with you and help finance your dream home! For more information on the current Red Deer residential market, or to get started on your mortgage application today, please contact the Tania Grozelle at 403-392-5808.