Mid-Month Market Update June 15, 2020

MLS sales in the first two weeks in June continue to improve across central Alberta, up 38% from the first two weeks in May, but still down 20% compared to the first two weeks in June 2019. The month over month improvement in sales is impressive considering we are still coming out of the Covid shut down and experiencing low oil prices and high unemployment.

Some of the sales activity is likely a result of pent up demand after folks have been locked down for so long. And, the impact of the pandemic in central Alberta has been mild and people may be deciding to get on with their lives now. Others spent time fixing up their homes while they were at home and have decided it is a good time to move up or down or away. Whatever the reason, it’s good to see that housing is still top of mind for many central Albertans.

Good news! Mortgage insurers Genworth and Canada Guaranty have decided not to adopt CMHC’s damaging new mortgage qualifying requirements that were announced for July 1. Unfortunately CMHC continues to establish lending criteria based on the Toronto real estate market where prices remain inflated. Apparently they haven’t heard of a place called Alberta where their restrictive policies have already done serious damage.

Innisfail Market Update June 1, 2020

Central Alberta sales in May improved considerably over April’s, up by 32%.  That is good news, but must be viewed in perspective.  Sales in May 2020 were down 39% compared to May 2019.  The active listing count was down 17% June 1st 2020 compared to June 1st of last year which helps keep the ratio of sales to listings closer to balance.

Canada Mortgage and Housing recently made some dire predictions about the Canadian housing market – prices may go down 9-18% in most markets and as high as 25% in Alberta.  While we respect that CMHC’s economists make these predictions with all sincerity, they are working with data, while we work with real people.  Most of the sellers we deal with simply won’t accept a 25% reduction in the value of their homes.  They will refuse to sell or won’t be able to sell because they are under water with their mortgages.  There will be a few who have to sell, but as long as there are more buyers than desperate sellers, prices are unlikely to drop significantly.

The average sale price in central Alberta in May 2019 was $308,942.  The average price in May 2020 was $315,626.  The median price in May 2019 was $288,500 and in 2020 was $276,000.  Average and median prices are not pure indicators of value, but they give support to the idea that prices aren’t deflating to any degree yet.  That is probably because prices are already very low after 5 years of economic malaise in Alberta.

Mid-Month Market Update May 15, 2020

The real estate market has certainly slowed since Covid-19 became our daily reality, but it hasn’t died.  People are still selling and buying homes and the activity in the first half of May was much better than it was in the first half of April.  The pending sales count (shown in brackets) is an indication of that increased activity and points to an even better second half of the month.

The industry has implemented protocols to protect the health of our Associates and our clients and they are working well.  We will continue to work cooperatively to ensure that safety is our first concern so that our clients can take advantage of very attractive prices, ample inventories and low interest rates.  It’s a great time to buy!

Mid-Month Market Update June 15, 2020

MLS sales in the first two weeks in June continue to improve across central Alberta, up 38% from the first two weeks in May, but still down 20% compared to the first two weeks in June 2019. The month over month improvement in sales is impressive considering we are still coming out of the Covid shut down and experiencing low oil prices and high unemployment.

Some of the sales activity is likely a result of pent up demand after folks have been locked down for so long. And, the impact of the pandemic in central Alberta has been mild and people may be deciding to get on with their lives now. Others spent time fixing up their homes while they were at home and have decided it is a good time to move up or down or away. Whatever the reason, it’s good to see that housing is still top of mind for many central Albertans.

Good news! Mortgage insurers Genworth and Canada Guaranty have decided not to adopt CMHC’s damaging new mortgage qualifying requirements that were announced for July 1. Unfortunately CMHC continues to establish lending criteria based on the Toronto real estate market where prices remain inflated. Apparently they haven’t heard of a place called Alberta where their restrictive policies have already done serious damage.

Clearwater County Market Update June 1, 2020

Central Alberta sales in May improved considerably over April’s, up by 32%.  That is good news, but must be viewed in perspective.  Sales in May 2020 were down 39% compared to May 2019.  The active listing count was down 17% June 1st 2020 compared to June 1st of last year which helps keep the ratio of sales to listings closer to balance.

Canada Mortgage and Housing recently made some dire predictions about the Canadian housing market – prices may go down 9-18% in most markets and as high as 25% in Alberta.  While we respect that CMHC’s economists make these predictions with all sincerity, they are working with data, while we work with real people.  Most of the sellers we deal with simply won’t accept a 25% reduction in the value of their homes.  They will refuse to sell or won’t be able to sell because they are under water with their mortgages.  There will be a few who have to sell, but as long as there are more buyers than desperate sellers, prices are unlikely to drop significantly.

The average sale price in central Alberta in May 2019 was $308,942.  The average price in May 2020 was $315,626.  The median price in May 2019 was $288,500 and in 2020 was $276,000.  Average and median prices are not pure indicators of value, but they give support to the idea that prices aren’t deflating to any degree yet.  That is probably because prices are already very low after 5 years of economic malaise in Alberta.

Rocky Mountain House Market Update June 1, 2020

Central Alberta sales in May improved considerably over April’s, up by 32%.  That is good news, but must be viewed in perspective.  Sales in May 2020 were down 39% compared to May 2019.  The active listing count was down 17% June 1st 2020 compared to June 1st of last year which helps keep the ratio of sales to listings closer to balance.

Canada Mortgage and Housing recently made some dire predictions about the Canadian housing market – prices may go down 9-18% in most markets and as high as 25% in Alberta.  While we respect that CMHC’s economists make these predictions with all sincerity, they are working with data, while we work with real people.  Most of the sellers we deal with simply won’t accept a 25% reduction in the value of their homes.  They will refuse to sell or won’t be able to sell because they are under water with their mortgages.  There will be a few who have to sell, but as long as there are more buyers than desperate sellers, prices are unlikely to drop significantly.

The average sale price in central Alberta in May 2019 was $308,942.  The average price in May 2020 was $315,626.  The median price in May 2019 was $288,500 and in 2020 was $276,000.  Average and median prices are not pure indicators of value, but they give support to the idea that prices aren’t deflating to any degree yet.  That is probably because prices are already very low after 5 years of economic malaise in Alberta.

Mid-Month Market Update June 15, 2020

MLS sales in the first two weeks in June continue to improve across central Alberta, up 38% from the first two weeks in May, but still down 20% compared to the first two weeks in June 2019. The month over month improvement in sales is impressive considering we are still coming out of the Covid shut down and experiencing low oil prices and high unemployment.

Some of the sales activity is likely a result of pent up demand after folks have been locked down for so long. And, the impact of the pandemic in central Alberta has been mild and people may be deciding to get on with their lives now. Others spent time fixing up their homes while they were at home and have decided it is a good time to move up or down or away. Whatever the reason, it’s good to see that housing is still top of mind for many central Albertans.

Good news! Mortgage insurers Genworth and Canada Guaranty have decided not to adopt CMHC’s damaging new mortgage qualifying requirements that were announced for July1. Unfortunately CMHC continues to establish lending criteria based on the Toronto real estate market where prices remain inflated. Apparently they haven’t heard of a place called Alberta where their restrictive policies have already done serious damage.

Red Deer Market Update June 1, 2020

Central Alberta sales in May improved considerably over April’s, up by 32%.  That is good news, but must be viewed in perspective.  Sales in May 2020 were down 39% compared to May 2019.  The active listing count was down 17% June 1st 2020 compared to June 1st of last year which helps keep the ratio of sales to listings closer to balance.

Canada Mortgage and Housing recently made some dire predictions about the Canadian housing market – prices may go down 9-18% in most markets and as high as 25% in Alberta.  While we respect that CMHC’s economists make these predictions with all sincerity, they are working with data, while we work with real people.  Most of the sellers we deal with simply won’t accept a 25% reduction in the value of their homes.  They will refuse to sell or won’t be able to sell because they are under water with their mortgages.  There will be a few who have to sell, but as long as there are more buyers than desperate sellers, prices are unlikely to drop significantly.

The average sale price in central Alberta in May 2019 was $308,942.  The average price in May 2020 was $315,626.  The median price in May 2019 was $288,500 and in 2020 was $276,000.  Average and median prices are not pure indicators of value, but they give support to the idea that prices aren’t deflating to any degree yet.  That is probably because prices are already very low after 5 years of economic malaise in Alberta.

Mid-Month Market Update June 15, 2020

MLS sales in the first two weeks in June continue to improve across central Alberta, up 38% from the first two weeks in May, but still down 20% compared to the first two weeks in June 2019. The month over month improvement in sales is impressive considering we are still coming out of the Covid shut down and experiencing low oil prices and high unemployment.

Some of the sales activity is likely a result of pent up demand after folks have been locked down for so long. And, the impact of the pandemic in central Alberta has been mild and people may be deciding to get on with their lives now. Others spent time fixing up their homes while they were at home and have decided it is a good time to move up or down or away. Whatever the reason, it’s good to see that housing is still top of mind for many central Albertans.

Good news! Mortgage insurers Genworth and Canada Guaranty have decided not to adopt CMHC’s damaging new mortgage qualifying requirements that were announced for July1. Unfortunately CMHC continues to establish lending criteria based on the Toronto real estate market where prices remain inflated. Apparently they haven’t heard of a place called Alberta where their restrictive policies have already done serious damage.

Ponoka Market Update June 1, 2020

Central Alberta sales in May improved considerably over April’s, up by 32%.  That is good news, but must be viewed in perspective.  Sales in May 2020 were down 39% compared to May 2019.  The active listing count was down 17% June 1st 2020 compared to June 1st of last year which helps keep the ratio of sales to listings closer to balance.

Canada Mortgage and Housing recently made some dire predictions about the Canadian housing market – prices may go down 9-18% in most markets and as high as 25% in Alberta.  While we respect that CMHC’s economists make these predictions with all sincerity, they are working with data, while we work with real people.  Most of the sellers we deal with simply won’t accept a 25% reduction in the value of their homes.  They will refuse to sell or won’t be able to sell because they are under water with their mortgages.  There will be a few who have to sell, but as long as there are more buyers than desperate sellers, prices are unlikely to drop significantly.

The average sale price in central Alberta in May 2019 was $308,942.  The average price in May 2020 was $315,626.  The median price in May 2019 was $288,500 and in 2020 was $276,000.  Average and median prices are not pure indicators of value, but they give support to the idea that prices aren’t deflating to any degree yet.  That is probably because prices are already very low after 5 years of economic malaise in Alberta.