June 15 2014 – Market Update

Fri, 20 Jun by Dale Russell

Sylvan Lake Market Update – Like Calgary and Edmonton, the Sylvan Lake market still favours sellers in almost every price range, but has been especially active in the $400,000 – $450,000 price range where 50% of our active listings experienced accepted offers in the past few days. The incredible attention to that price range may be in response to continued low inventory levels in that price range in Red Deer.

Unrest in the middle east and the ongoing problems between Russia and the Ukraine is driving oil prices higher which will encourage more activity in the Alberta energy sector and help keep all this activity going.

Alberta Population Growth Fastest in Canada – byTodd Hirsch, Chief Economist, ATB Financial

Alberta’s population continues to grow at a rate far faster than the national average. According to new estimates released this morning by Statistics Canada, the province’s population on the first day of April this year was 4,111,509. Canada’s total population was 35,427,524.

Over the last year, Alberta’s population increased by 3.25 per cent—nearly triple the national average (+1.1 per cent) and almost double that of the second-fastest growing province, Saskatchewan. British Columbia and Manitoba come in third and fourth, respectively, making the western provinces the four fastest growing populations in the country.

Three of the Atlantic provinces lost population, and Ontario and Quebec continue to grow at less than 1.0 per cent annually. The east-west split in population trends—and particularly the strong growth in Alberta—is being driven entirely by economics. Western Canada has a much better labour market which is luring interprovincial migrants who want work. With the lowest unemployment rates in the country, Saskatchewan (3.7 per cent) and Alberta (4.6 per cent) are the places to be if you’re looking for work.

In the first quarter of 2014 alone, Alberta gained over 24,000 people from other provinces (while about 15,000 moved out of Alberta). The net gain was 9,581, which puts the province on track for a total net gain of close to 40,000 interprovincial migrants this year.

Singing the Homebuyer Blues – by Nick Ford, Economist, ATB Financial

People looking to purchase an existing home in Calgary or Edmonton (or central Alberta) might be feeling irritated and discouraged. There isn’t a lot on the market these days and what is available is going up in price….

Demand for existing homes in Alberta is the result of growing employment numbers and the influx of people moving here to take those jobs. Unfortunately, fewer listings and increasing prices are realities homebuyers will have to endure. There is an upside: as prices rise, more people will be inclined to list, which will boost supply.SL June15 2014

June 1, 2014 – Market Update

Fri, 06 Jun by Dale Russell

The number of sales in May in Sylvan Lake were the highest since May of 2005.  It seems the residential, home owner market has fully recovered from the downturn in 2008 while the cottage market is still in the doldrums.  Million dollar plus lakefront homes are still not moving like they did in the heydays of 2005-2007.

The most active market is in the $250,000 to $400,000 range and is at least partially fuelled by very strong demand coupled with low supply in Red Deer.  Buyers who start looking in Red Deer and can’t find what they want there are often willing to consider a short commute for a suitable home in a surround community.  The draw of the lake likely adds to their willingness to take on that commute.

Optimism in all of Alberta remains strong as the economy continues to forge ahead.  Energy producers have found a way to move our landlocked oil to markets using rail and it appears that our economy is firing on all cylinders.  The future continues to look very bright in central Alberta, therefore we expect the housing market to remain robust for the foreseeable future.