The seasons are changing and it is finally fall. Along with the changing of leaves are the changes in the Red Deer real estate market and its neighbouring areas.   

Sales have dropped, inventory is low, and prices have gone up.   

What do these numbers mean to you as a buyer, seller, or real estate agent?   

Find out in this blog the current situation in the Red Deer real estate market.   

According to Alberta Real Estate Association (AREA), in September 2022, there were 126 homes sold in Red Deer. This is 21.3% lower compared with the same month last year.  

While there has been a decline in residential sales, AREA reports that this does not offset the gains early this year because, on a year-to-date basis, the sales still remain eight percent higher than last year’s levels.   

The rising interest rates make would-be homebuyers hesitate and wait on the sidelines.  

New listings in Red Deer are also down by 16.5% compared with the same month last year. Similarly, the inventory is also down by 25.0% on a year-to-year comparison.   

On the other hand, the average price of residential properties remains strong. Red Deer’s average home prices sit at $342,398 which is a 1.6% increase compared with the same month last year.   

While the rest of the country’s real estate prices have fallen, the province of Alberta sees a different trend.   

According to mpamag.com, Alberta sees a unique trend largely because of the price of oil, which, unlike other provinces, has drawn more employees into the city, thus, helping the economy of the province.   

Globalnews.ca reports that Alberta saw the largest net gain in migration since 2014. According to a Statistics Canada analysis released by ATB Financial, ten thousand more people moved into the province in the second quarter of the year than vice versa.   

These reports only prove that Alberta is thriving amidst the economic turmoil that the rest of the country is experiencing. While there are declines in sales, new listings, and inventory for the month of September, as expected during the fall, the real estate market in Red Deer remains strong on a year-to-date comparison.   

The province of Alberta remains to be a promising market that can be attributed to high oil prices, plenty of jobs, and an overall strong economy.  

Meanwhile, let’s take a look at how other cities and towns in Central Alberta are doing:  

Sylvan Lake 

Blackfalds 

Lacombe