The real estate market in Central Alberta is hot! Things are off to a busy start, and Red Deer saw a 20% increase in sales this January compared to 2021. With low interest rates, an improving economy, and buyer’s from BC & Ontario either moving to or investing in Alberta, demand for homes is high. Limited inventory levels through all price points under $600,000 are starting to push prices up as demand is outweighing the supply of available homes.
Calgary and Edmonton markets are also on fire, and I’m hearing that some homes in Calgary are selling for 6 figures over their list price, and some receiving as many as 60 offers. While the Central Alberta market isn’t running at the same pace as Calgary and Edmonton, this is typical. Larger renters offer a larger number and more diverse range of jobs, so most people moving into the province are more likely to find employment in larger cities. Central Alberta still offers plenty of jobs and even more affordable housing, therefore will still be an attractive option for many people coming in to the province.
While the market for condos, duplexes, and townhouses still hasn’t accelerated to the same pace of detached homes, as detached home prices rise, they’ll soon become a more affordable option and activity will increase. Apartment condos are generally the last segment to see increases, but as long as condo fees don’t see massive jumps, their prices will rise eventually as well.
Surrounding Community Snapshot:
Current Active Listings – 54
Sales in January – 23
Likelihood to Sell – 40.7% (seller’s market)
Current Active Listings – 84
Sales in January - 26
Likelihood to Sell – 33.5% (balanced market)
Current Active Listings – 22
Sales in January - 4
Likelihood to Sell – 19% (buyer’s market)