Welcome to my monthly real estate market update for Lloydminster.
It has been a busy past month. “What is happening with the real estate market” is always the question I get asked. The market is great, everyone. Properties are selling, and the tightening rules on mortgage stress tests for homebuyers with uninsured mortgages have started June 1. As a result, the minimum qualifying rate for uninsured mortgages – residential mortgages with a down payment of 20 percent or more – will rise to either the contracted rate plus two percentage points or 5.25 percent, whichever is higher.
Let’s take a look and see what had happened with the real estate market for the past month.
We currently have 314 active listings in The City of Lloydminster, including the Alberta side and the Saskatchewan side. 51 properties sold for May, which has dropped just a little. The average selling price range was $298,927, with an average of 72 Days on the market.
If you are thinking of selling your home today, please give me a call or send me a message, and we can discuss how much your home is worth.