Sales in the first two weeks of August were up compared to the same time in July in half our markets and down in the other half. Active listing counts are also up in some markets and down in others. There are certainly signs that the market may be improving, but it will likely be a slow process and it’s unlikely there will be any price stability until supply and demand move closer to balance. I expect that will happen by next spring as long as oil prices stay stable.
Posts from August 2017
Sales in Sylvan Lake in July fell slightly when compared to June while the number of active listings is up again. The market continues to favour buyers even though year to date sales are up almost 6% compared to the same period in 2016.
Some price ranges are doing better than others. The $400,000 to $450,000 market is closer to balance and most advantageous for sellers at the moment. Activity at the mid-high end of the price spectrum ($500,000 – $750,000) is still a little slow with lots of inventory and represents the best opportunity for buyers.
There is good news! The Canadian dollar has gained quite a bit of ground against the US dollar in the past few months and oil prices briefly broke the $50 US barrier this week. The Canadian economy is performing very well and most reports indicate that the Alberta economy has turned the corner. Business optimism is up and the future is definitely looking brighter.
While we don’t expect a quick improvement in the central Alberta market from a seller’s perspective, we do see things gradually picking up moving into next spring. This summer and fall may be the best opportunity buyers will have from a price, choice and interest rate perspective before the advantage starts to turn back to sellers.