|Market Update to Nov. 24/10 – Sylvan Lake & Area|
|Price Range||Active Today||Pending||Active 1 Year Ago||Sold MTD
|0 – 100||7||0||0||0||0||2|
|100 – 150||7||0||1||0||0||1|
|150 – 200||19||0||10||5||5||0|
|200 – 225||5||1||4||0||0||1|
|225 – 250||16||1||12||2||2||2|
|250 – 275||12||0||20||2||2||5|
|275 – 300||24||1||20||1||1||2|
|300 – 350||20||0||14||3||3||3|
|350 – 400||22||1||25||4||4||4|
|400 – 450||11||0||15||1||2||0|
|450 – 500||12||0||10||0||0||1|
|Days On Market||106||89||66||63||72|
Market Update – CMHC held their Annual Housing Market Update in Calgary this past week. The information provided was very comprehensive and well presented and offered an economic perspective for Canada, Alberta and most of the larger cities in Alberta.
Good news! Canada is on sound economic footing. The average Canadian has equity in their homes and have not over-indulged on credit they can’t afford.
Most of the jobs lost in the recession have been recovered and we are on the way to economic recovery, how quickly will be determined by how well the United States and some European countries get through the next year or two.
There are many positive things happening in Alberta and even closer to home in central Alberta. Oil and natural gas land lease sales are up. Drilling activity in Alberta is up. Exports from Alberta are up. Job growth has re-appeared after being lost for 2 years. And more people are moving into Alberta than out.
Oilsands projects that have been on the shelf are now being dusted off which will put thousands of people to work and create economic activity and royalty revenues to benefit the whole province.
So, how will all this impact you and the housing market? Well, it’s all going to take some time. Prices are not going to magically go up to the levels we experienced in 2007 any time soon. There is still an abundance of homes available for sale and buyers are not going to be quick to jump into the market until they are very sure that things are getting better.
So, we continue to expect gradual improvement in the market for sellers. Of course, improvement for sellers means less advantage for buyers. Those who have been waiting for prices to go down might want to consider some of the signs. Gradual improvement will mean less choices, higher prices and maybe even higher interest rates. Things that make homes cost more.
For those who are waiting to sell until their homes increase in value, you might be getting closer, but it’s going to be a while before things are like the good old days, and while you are waiting, remember that the house you want to buy will go up an equal amount.
Truth is, there’s no gain in waiting to sell if you are going to turn around and buy back into this market. In fact, it might be better to sell and buy now while interest rates are at historical lows and you still have lots of buying choices.