MARKET UPDATE – March 1, 2017
February sales in Red Deer were up slightly from January while the active listing count was also up, keeping the market attractive for buyers. Year to date sales are down 11% when compared to the same time last year, but the good news is that the economy seems to be turning around and hopefully we’ll see things improve moving into the spring market.
The just released ATB Economic Update states that “Alberta’s economy is emerging from the worst downturn it has experienced in three decades. Yet even as green shoots of optimism appear, the path forward remains unclear. The global economy continues down an uneasy road… but, Canada’s economy is picking up momentum, especially around job growth…
After suffering two consecutive years of contraction, Alberta’s economy has turned the corner and can expect modest improvements in 2017. The greatest improvements have come within the all-important energy sector – higher prices and pipeline approvals (though construction is not assured) have lifted confidence. Other industries such as agriculture and tourism are showing strength, while construction, forestry and housing remain fragile.
ATB is forecasting real GDP growth of 2.2 percent this year and 2.3 per cent on 2018.”
