September 5, 2014 – Market Update
Red Deer sales in August slipped slightly from July’s and continued the downward trend started after a very busy May. That is the same trend experienced in most past years, but may be a little more pronounced this year. Another trend worth noting is that after several months of increasing inventories, the active listing count is down by about 10% over last month. The Red Deer market is still well into Seller’s market territory, but moving toward balance which should keep prices in check.
Year to date sales in 2014 are up more than 10% over the same period last year and are indicative of the very strong economy we’ve been experiencing, not only in Alberta but in Canada as well.
The economics of both Alberta and Canada are performing above expectations. The Canadian economy grew by 3.1 percent in April, May and June according to Statistics Canada – the strongest the economy has seen since 2011. In Alberta, wages continue to go up, much faster than the rest of Canada which would explain the ongoing large numbers of people moving here from other provinces. Alberta weekly wages top the rest of Canada by more than 18%.
