MARKET UPDATE – March 1, 2018
Most central Alberta markets we serve are keeping pace with last year while Red Deer is showing signs of improvement. We can’t see it in all the numbers yet, but there is no doubt that we are feeling more public optimism than we’ve experienced for much of the last three years.
The reasons for optimism include stable oil prices above $60US, 55,000 new jobs in Alberta in 2017 resulting in lower unemployment, and the general feeling that the recession is behind us.
The number of active listings is up in all central our Alberta markets. More people wanting to sell in a recovering market suggests more confident consumers with a different motivation than we saw a couple of years ago when people were selling because they had to. Now, they may be selling because they want to. More listings will put the brakes on any price inflation they may be anticipating
We have consistently stated that the real estate market takes time to recover once the economy has turned around. We’ve also said that it’s hard to time the market perfectly and the recovery can sneak up on you. All of our central Alberta markets favor buyers at the moment. Interest rates are still relatively low and future increases are possible. It’s a great time to take advantage of low prices and ample inventories.
