November 5 2014 – Market Update
October sales in Red Deer were very strong compared to previous years and kept pace with August and September of this year. The number of active listings is up from last year, keeping the market relatively close to balance. Surprisingly, the tightest market falls in the $350,000 to $500,000 range. In spite of lower oil prices, Alberta still suffers from a worker shortage which brings migration. Population growth combined with high wages will keep the housing market strong.
Alberta’s hot job market continues to lure thousands of job seekers from across the country and around the world. But while job opportunities are plentiful, it’s also the fat pay cheques that are attracting workers. In August, employees in Alberta earned on average $1,164.88, the highest of all of the provinces by a considerable measure. Nationally, employees earned $943.30, with those in Prince Edward Island bringing in the least at $787.70. Not only are earnings highest in Alberta, they continue to grow quickly. Compared to last year earnings are up 5.1 percent—second only to earnings in Manitoba which grew by 5.3 percent. The rate of earnings growth in Albert is nearly double the rate of consumer inflation, which clocked in at 2.6 percent in August. Todd Hirsch, Chief Economist, ATB.
