05/08/2024
The central Alberta real estate market is setting a pace rarely seen in the past forty years. The limited inventory we have is in very strong demand and average selling times are well below normal. We are currently experiencing a “Toronto or Vancouver” like market with multiple buyers for many of our listings. Prices have been escalating this spring so buyers waiting for interest rates to come down won’t benefit since any gain will be offset by higher prices.
Central Alberta residential MLS sales year to date are up 8.7% over the same time last year while sales in April were up 10.6% compared to April 2023. Red Deer residential MLS sales year to date are up 7.1% over the same time last year while April 2024 sales are up 12.8% compared to April 2023.
Inventory levels continue to be persistently low. Most central Alberta markets would run out of inventory without new listings coming in less than one month. Where is this all going? The answer is the same as it has been for several months now. People are still moving to central Alberta faster than new homes are being started. Supply will continue to be very tight and prices will continue to go up as long as our economy is healthy. Opening of the Trans Mountain Pipeline now flowing with more than double its original capacity only makes our economic forecast brighter.
