Over the course of 2022, real estate has been a hot topic of discussion. Especially for Canadians. With the rise of interest rates and extremely low inventory levels, many Canadians have been struggling in the real estate market. Finding affordable homes is hard to do right now in Canada. For a while, Edmonton houses for sale were priced at a more affordable price point than the national average. However, this appears to be changing as the effects of the interest rate hike continue to set in and more buyers flock to Edmonton for cheaper housing. Follow along below to learn more about how the change in prices of Edmonton houses for sale is affecting citizens in the area.
Albertans are Anxious About Finding Affordable Edmonton Houses For Sale.
Each year, RBC releases a Home Ownership Poll with several questions regarding home affordability. This year, the results were concerning for those living in Alberta. Citizens of Alberta who were living with their parents at the time of filling out the survey reported that it would be difficult to move out on their own in the near future. 39% of respondents in Alberta divulged that they would need to live with their parents a while longer in order to afford to buy a home. This is a large difference from what citizens of other provinces replied. For instance, in British Columbia, only 30% of residents indicated that they would need to live at home longer. It should also be noted that the benchmark price in Vancouver was over 1.3 million in March. Whereas, the benchmark price in Edmonton during March was only $414,000.
If you are a concerned Alberta resident, contact me today to get help finding an affordable home. I would be happy to help you find a home that is within your budget. For more information on Edmonton houses for sale, be sure to check out our blog again next month. Additionally, you can visit my brokerage's website for the latest updates and more on housing in this area. I look forward to working with you in the near future!
