MARKET UPDATE – October 31, 2016
Red Deer sales in October were down slightly compared to September’s, but were slightly higher than last October. The number of active listings fell dramatically which helped keep the market in balance with a sale to listing ratio of 21.5%. Year to date sales in Red Deer are down only 9% compared with the same time last year, a good indication that the market is slowly recovering. The most active price range by a large margin last month was the $300,000 – $350,000 range where the number of active listings also dropped.
Largely due to a recovery in oil prices to around US$50, the ATB is predicting a modest rebound for Alberta of 2.1% growth after a contraction of 2.6% in 2016. It’s not a boom for sure, but it is a move in the right direction. The contraction in our economy has been longer and more pronounced and there is no doubt it will take longer to recover.
In addition to rising oil prices, strong agriculture, tourism and high tech industries and the rebuilding of Ft. McMurray will contribute to a stronger Alberta economy in 2017. While the recovery will be slower, we are confident Alberta is still a great place to live and invest.
