Falling home prices, mortgage rates may not be enough for first

Falling home prices, mortgage rates may not be enough for first

Home prices and interest rates are falling, but first-time buyers are still facing challenging conditions even in Edmonton’s affordable resale market when it comes purchasing their housing type of choice: the single-family detached home. A recent report from Ratehub.ca found the average price for all housing types fell in Edmonton from August to September while a slight decline in mortgage rates — two basis points — lowered the amount of income required to qualify under the federal stress test.

“It doesn’t necessarily move the dial from not being able to afford to being able to afford a home,” says Penelope Graham, mortgage expert with Ratehub.ca.

The report notes that the average price dropped $3,800 in September from August to $417,000.

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