Real Estate and Mortgage Market Update - Alberta
The real estate market in Alberta Province has experienced some interesting trends over the past couple of months, and as we move into the spring season, it is important to take stock of where things stand. In this blog post, we will take a closer look at the specific statistics for January and February 2023, with a focus on the role that Alberta mortgage brokers have played in the market.
According to the latest data from the Alberta Real Estate Association (AREA), January 2023 saw a slight dip in overall home sales, with a total of 2,356 units sold throughout the province. This represents a decrease of 4.6% compared to January 2022. However, the average home price in January 2023 was $387,269, which is up 7.1% compared to the same month last year.
February 2023 saw a bit of a rebound in home sales, with a total of 2,570 units sold, representing an increase of 3.9% compared to February 2022. The average home price in February 2023 was $396,542, which is up 7.8% compared to the same month last year.
So, what role have Alberta mortgage brokers played in this market? In short, they have been instrumental in helping many buyers navigate the complex and competitive landscape of the current real estate market.
Alberta mortgage brokers have been working hard to help these buyers find the best possible rates and terms for their mortgages. They have also been advising buyers on the various government programs and incentives that are available to help make homeownership more accessible, particularly for first-time buyers.
One of the most notable government programs that mortgage brokers have been promoting is the First-Time Home Buyer Incentive (FTHBI), which was introduced by the federal government in 2019. The program provides eligible buyers with up to 10% of the purchase price of a new home, in the form of a shared equity mortgage with the Canada Mortgage and Housing Corporation (CMHC). This program has helped many first-time buyers get into the market, and Alberta mortgage brokers have been key in educating buyers about its benefits.
Overall, the real estate market in Alberta Province is showing some promising signs as we move into the spring season. While sales volumes have been somewhat variable over the past few months, prices continue to rise, and there is strong demand from buyers looking to take advantage of low-interest rates and government incentives. Alberta mortgage brokers are playing a crucial role in helping buyers navigate this market, and their expertise will continue to be in high demand in the coming months.
If you have questions about what you might be able to afford or what mortgage options are available to you, contact our team today - we are always happy to help!