Central Alberta Real Estate Update: A Look at the Market Today - September 2024
Welcome back to Brick x Brick! The real estate market in Red Deer and Central Alberta has seen significant changes over the past five years. From record-breaking inventory levels in 2019 to today’s strong seller’s market, the landscape has transformed dramatically. If you’re wondering what this means for buying or selling, let’s break it down.
Five years ago, in 2019, Red Deer was in the depths of a buyer’s market. There were over 900 homes on the market, and sellers faced average days-on-market exceeding 90. Fast forward to 2024, and inventory has dropped by half, with just over 300 homes for sale. Meanwhile, demand has skyrocketed. For example, June 2019 saw 119 sales, while June 2024 recorded nearly 200—a 65% increase!
The population growth in Canada has been staggering. With over 470,000 new permanent residents arriving in 2023 and projections of up to 550,000 annually by 2025, housing demand has surged. However, housing construction has struggled to keep up, creating a nationwide shortage that is especially evident in Central Alberta.
According to the Canadian Mortgage and Housing Corporation (CMHC), Canada needs to build over 19 million homes by 2030 to meet current and future demands. Yet, this ambitious goal requires building over 8,000 homes per day—a rate far from current levels.
Here in Central Alberta, the average single-family home price has risen nearly 12% year-over-year. This increase is partly fueled by limited inventory and growing demand, creating opportunities for both resale and new construction markets to thrive. Developers are ramping up efforts to meet demand, but the market remains competitive, with less than two months' worth of inventory available—a strong seller’s market.
For sellers, it’s a great time to list your home. Properties are moving quickly, and competitive offers are common. If you’re considering upgrading, you’ll benefit from strong resale values, but keep in mind that you’ll also face competition when buying your next property. For buyers, while it’s challenging, now is still the time to enter the market. Owning a home in today’s appreciating market is one of the best ways to build long-term equity. Start small, improve your property, and watch your investment grow.
The balance between supply and demand will continue to shape the market. Builders are stepping up, but the lack of inventory keeps prices high. Whether you’re eyeing a condo, townhome, or single-family house, RoxyK Real Estate with RE/MAX is here to help you navigate these exciting, albeit challenging, times.
If you have questions about buying, selling, or understanding the current market trends in Red Deer and Central Alberta, reach out! At RoxyK Real Estate, we’re more than realtors—we’re your partners in building a brighter financial future through smart real estate decisions.
Stay tuned for next week’s episode of Brick x Brick, where we’ll be joined by Senior Financial Consultant Jillian Vukovitch to dive deeper into financial strategies for homeowners. Ready to take the next step? Contact RoxyK Real Estate today for expert advice and guidance. Let’s make your real estate journey a success!
Welcome back to Brick x Brick! The real estate market in Red Deer and Central Alberta has seen significant changes over the past five years. From record-breaking inventory levels in 2019 to today’s strong seller’s market, the landscape has transformed dramatically. If you’re wondering what this means for buying or selling, let’s break it down.
Five years ago, in 2019, Red Deer was in the depths of a buyer’s market. There were over 900 homes on the market, and sellers faced average days-on-market exceeding 90. Fast forward to 2024, and inventory has dropped by half, with just over 300 homes for sale. Meanwhile, demand has skyrocketed. For example, June 2019 saw 119 sales, while June 2024 recorded nearly 200—a 65% increase!
The population growth in Canada has been staggering. With over 470,000 new permanent residents arriving in 2023 and projections of up to 550,000 annually by 2025, housing demand has surged. However, housing construction has struggled to keep up, creating a nationwide shortage that is especially evident in Central Alberta.
According to the Canadian Mortgage and Housing Corporation (CMHC), Canada needs to build over 19 million homes by 2030 to meet current and future demands. Yet, this ambitious goal requires building over 8,000 homes per day—a rate far from current levels.
Here in Central Alberta, the average single-family home price has risen nearly 12% year-over-year. This increase is partly fueled by limited inventory and growing demand, creating opportunities for both resale and new construction markets to thrive. Developers are ramping up efforts to meet demand, but the market remains competitive, with less than two months' worth of inventory available—a strong seller’s market.
For sellers, it’s a great time to list your home. Properties are moving quickly, and competitive offers are common. If you’re considering upgrading, you’ll benefit from strong resale values, but keep in mind that you’ll also face competition when buying your next property. For buyers, while it’s challenging, now is still the time to enter the market. Owning a home in today’s appreciating market is one of the best ways to build long-term equity. Start small, improve your property, and watch your investment grow.
The balance between supply and demand will continue to shape the market. Builders are stepping up, but the lack of inventory keeps prices high. Whether you’re eyeing a condo, townhome, or single-family house, RoxyK Real Estate with RE/MAX is here to help you navigate these exciting, albeit challenging, times.
If you have questions about buying, selling, or understanding the current market trends in Red Deer and Central Alberta, reach out! At RoxyK Real Estate, we’re more than realtors—we’re your partners in building a brighter financial future through smart real estate decisions.
Stay tuned for next week’s episode of Brick x Brick, where we’ll be joined by Senior Financial Consultant Jillian Vukovitch to dive deeper into financial strategies for homeowners. Ready to take the next step? Contact RoxyK Real Estate today for expert advice and guidance. Let’s make your real estate journey a success!
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