April 1, 2-16- Market Update
Market Update- Red Deer sales in March didn’t keep pace with last year, but were up from February and, April sales are off to a good start. As usual at this time of year, the number of active listings is up from last month. In spite of lower sales and higher inventories, the market is just into buyer’s territory. There haven’t been many times in the past few years where the buyer has had the advantage and with the extra punch provided by low interest rates along with more choices, it truly is a great time to buy.
No one can predict where the bottom of a price cycle is exactly, but some firming of oil prices recently could be an indication that the bottom is not far off. Smart buyers move when others are still trying to decide what to do.
Unfortunately, the media is currently very focused on Alberta’ embattled energy industry while we know that other economic drivers in the province are doing quite well. Agriculture is one that continues to have a large impact on the central Alberta economy. According to a recent article by ATB economist Nick Ford, “The latest revenue and expense data on farms reveal a resistant and formidable sector that some Albertans may forget about. And yet without our province’s agriculture sector, it’s likely the blow of low energy prices would be felt more.”
