As per Canada Mortgage and Housing Corporation, housing market in Red Deer is expecting a slow recovery. An insight from housing market released projects of existing and new semi detached homes and this will remain at current levels through 2018.
CMHC is projecting around 3,340 and 3,960 units that sold out during this year, down from nearly 4,439 in last year. Central Realtors Association recorded home sales around 3,072 through Multiple Listing Service. You can know more about Real Estate Market in Red Deer and can know that What You Need to Know Before Buying or Selling a Home in Canada.
CMHC is projecting around 3,290 to 3,910 units which were sold out and, in 2018, around 3,360 to 3,990 units were sold.
Construction of new homes in housing market in Red Deer is being expected to follow similar pattern. Single detached homes are expected to range between 143 and 157 units this year in 2017, which will improve in 2018 from 152 to 168 units.
According to an analysis, CMHC says that young population of Red Deer means lots of first-time home buyers.
So, condition of labour market has deteriorated the whole year, this has moderated demand of existing homes.
Resale activity is not being expected to increase till 2018, when demographic and economic fundamentals expect to get strengthen.
For city of Red Deer, according to stats by RE/MAX Real Estate Central Alberta sale of around 1,485 homes have been done by end of November, as compared with 1,613 homes over same 11 months in 2015. You can also know about Complete Taxation Guide to Canadian Real Estate Investing which tells that How to Maximize Your Real Estate Portfolio and Minimize Tax.
In an analysis, Dale Russell, RE/MAX owner/broker suggest that OPEC’s decision is to cut down the supply and federal approval of 2 new pipelines should boost up confidence of consumer and employment in next year.
Russell said that median price in housing market in Red Deer fell down dramatically in 4th quarter of 2015, but it has rebounded in year 2016, a sign of resiliency at higher end of real estate market.
CMHC projects stability in pricing that takes region as a whole. Average home price is being forecasted to range between $293,100 & $312,900 for the same region in this year and in 2017, that is being expected to increase between $297,000 to $317,000 in 2018.