Best mortgage rates for Edmonton on RateSupermarket.ca
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Edmonton Mortgage Rates Will Remain Relatively Flat
The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Edmonton Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50% range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50% range.
Edmonton 2008 Housing Outlook
The CMHC reports that existing home sales in 2007 fell by almost seven% from the record MLS® performance of 21,984 units set in 2006, with most of the downturn occurring in the second half of the year. The average 2007 sales price was $338,009, which increased almost 35% over the annual 2006 average. It should be noted that all of these gains in the annual average occurred in the first five months of the year. Prices were in the doldrums during the second half of the year as buyers gained the upper hand. During the fourth quarter of last year and the early months of 2008, sale prices have largely moved sideways on a month-over-month basis. The CMCH expects a gradual shift to a more balanced market in the second half of 2008 as sales improve relative to new listings. Average home prices will rise by only 3.4% in 2008, with most of the gains occurring after mid-year. A continued improvement in market balance in 2009 will result in a price increase of almost 6% for an annual average of $370,000.
CMHC Edmonton housing market & Edmonton mortgage rate forecast
Census Metropolitan Area Total Housing Starts MLS sales MLS average price Mortgage rates (1 year) Mortgage rates (5 year)
2007
14,888
20,427
$338,636
7.35%
7.54%
Edmonton
2008 (F)
11,700
18,500
$350,000
6.95%
7.01%
2009(F)
11,850
19,000
$375,000
6.83%
6.97%
Source = CMHC MLS = Multiple Listings Service
Mortgage lender's and mortgage broker's rates that we compare in Edmonton, Alberta, Canada
RateSupermarket.ca compares the most mortgage rates in Edmonton, Canada from the top lenders including banks, credit unions, trusts, and are also the only site to compare Edmonton mortgage broker's rates. RateSupermarket.ca compares mortgage rates from the following:
AGF Trust AMA Financial ATB Financial Bank of Montreal Bank of Nova Scotia Bridgewater Bank Canadian Tire Financial Services Canadian Western Bank Canadian Western Trust CIBC Mortgages Citibank Citizens Bank of Canada Common Wealth Credit Union Concentra Financial First Edmonton Savings First National Financial FirstLine Mortgages Home Trust Company HSBC Bank Canada ICICI Bank Canada ING Direct Investors Group Trust Key Savings and Credit Union Laurentian Bank Canada Libro Financial Group London Life Manulife Bank MCAP National Bank Peace Hills Trust PC Financial ResMor Trust Royal Bank of Canada Servus Credit Union TD Canada Trust True North Mortgage
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