August City of Edmonton only stats are providing some hope to home owners! Equity is on the rise.
If like me you have been seeing the value of your residential real estate decline over this past year, I have some good news. Stats in all categories are up year over year and month over month. There is one exception, which I’ll mention in a minute.
Year over year numbers for all products are up, all residential by .6%, single family by 2.7% and duplex rowhouse by 6.6%. Unfortunately for condo owners prices are down 6.4%.
Month over month the market has improved, all products are up 1.9%, single family up 2.5%, condos up 5.3% and duplex/rowhouse 5.8%
Single family and duplex/rowhouses are in a balanced position, while condos and all products averaged are still favoring buyers.
Whether this uptick in the market is a seasonal increase or if it is the turning of better things to come, only time will tell.
The Federal government launched a new first time home buyer initiative this past week. If you or someone you know is considering a first purchase, have them call me for details.
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