There’s no doubt that single family homes have become the number one choice for home buyers during these last 3 years, perhaps due to folks seeking space during the Covid Pandemic.
What we do know for sure is that at the time of writing there is just 2 months of supply which is extremely low. In general, we don’t get to a balanced market until there is 4 months of supply.
Here is a link to a short video where I discuss: Why Should You Care About Home Supply?
Against the backdrop of high demand & low supply, you can expect to pay top dollar for a single-family home & if that is your desire then you must do so.
Here is a link to ALL homes for sale in the Edmonton area currently: ALL Homes for Sale.
So, what about the condo market? At the time of writing there is over 4 months of supply & this is up by about a month since March 2022. Ample supply is keeping a lid on values.
After years of declining condo values, prices do seem to have stabilized. And if you think about it, condos & in particular townhomes provide you pretty much the same features & benefits that single family homes can give you i.e. a nice kitchen, a roomy master bedroom, other bedrooms, a garage in some cases & plenty of living space for a fraction of what you would pay for single family home.
What about condo fees?
For some folks the idea of paying condo fees is a concern to them. Many of us forget that condo fees are paid in exchange for services. If you don’t like gardening, if you don’t like snow clearing. If you don’t want to worry about maintaining your home, then paying a condo fee could be for you. For those who seek a ‘set it & forget it lifestyle’ owning a condo might be the way to go.
What about special assessments?
Do be aware of special assessments. Special assessments are levied on condo owners to pay for unexpected expenses for maintenance of the property. Special assessments are most often levied because maintenance was not kept up & condo fees were lower than perhaps, they should have been. You can look for these when you review the condo documents & in my opinion, they are simply a feature of the condo owning landscape.
If you want to shop for ALL condos around Edmonton, click on this link: ALL Edmonton Condos for Sale.
To shop for ALL homes in the metro Edmonton area please go to our website www.AmbergateHomes.ca.
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Posted by Stuart Neal