Excerpt from our monthly Preferred Newsletter:

2010 continues strong... But the overall impact of mortgage rate increases and rule changes have not been felt yet. The overall listing inventory, and lower list to sold ratio is an indicator of a slow down, and return to a heavy buyerâ??s market. Edmonton should have approximately 5000-5500 properties active on the market during summer for a balanced market, and we have over 8000! That said, the demand for homes under $400,000 and condos under $250,000 is very strong still and the impact of both interest rate increases and mortgage qualifying rule changes will have less of an impact in these more affordable price points. In an recent example from one of our great mortgage representatives we work with, the example client would likely choose a 5 year longer rate, as they could qualify for $280,000 instead of only $240,000 under the variable or shorter term options. The changes were designed with this in mindâ??to encourage people to be buying for the longer term and to discourage any flipping or market speculation. In for the long haul... These changes will continue to bring stability into our market, and specifically will help Edmonton continue to lead North America in economic recovery. We still have strong job growth, net in migration, and a great standard of living that attracts people to our great city. If you are considering a move anytime this year, give us a call today and we can discuss your plans with you and give you the best strategy to accomplish your goals.