Mid-Month Market Update March 15, 2020

This new challenge for the country hasn’t had a big effect on the housing market yet.  March sales in the first two weeks have exceeded the first two weeks of last month as well as the same period last year.  We do expect it to have an impact as things progress.  We also expect things to level off over the next few weeks as people follow the protocols and fewer people are infected.  Hopefully the world will get back to some semblance of normal soon.

We are obviously concerned for the health of our associates and our clients, so we have implemented some procedures for all our RE/MAX Associates that should allow us to continue serving our clients with the minimum amount of risk.  We are going to ask our clients to observe these protocols as well for their own safety:

  • No physical contact with each other or their clients and keep a good distance from each other.
  • If our associates have been on an airline flight, they are required to self quarantine for 14 days.
  • If they are symptomatic, they are not allowed to show property or attend face to face client appointments.  They must have someone in the office that’s not sick cover their face to face requirements.
  • When showing houses, they are not to travel with clients. 
  • When showing a house, keep their distance, wear gloves, don’t touch anything with their bare hands and don’t allow the clients to touch anything.

Sylvan Lake Market Update – March 1, 2020

Central Alberta sales in February were up from January, but down year to date when compared to last year.  The number of active listings in most central Alberta markets is up compared to last year at this time.  Our central Alberta markets had one, or less than one out of ten homes on the market sold in February except Red Deer which fared a little better at 1.3 out of ten.  CMHC considers it a balanced market when more than two out of ten active listings sell each month.

 We continue to believe the market should improve going into spring with the blockades coming down and construction still going ahead on the Trans Mountain, Line 3 and Coastal Gas Link Pipelines.  The latest concern, the Coronavirus will slow things down temporarily, but that too will pass.

 Good news! There has been some loosening of the mortgage stress test rules and the Bank of Canada lowered its overnight rate by one half percent this week.  Mortgage rates should follow suit making this an even better time to buy real estate.  The time to buy is when prices are low and few people is buying.  Those looking to move up will never find a better time to maximize their position as higher end homes continue to offer outstanding value.