Average Red Deer home prices dropped 2.3 per cent in the first three months of 2017, says a Royal LePage House Price Survey.
The aggregate price of home was $336,815, according to the survey released on Wednesday. Aggregate prices are determined using a weighted average of the median values of homes.
When broken out by housing type, the median price of a bungalow remained flat,
decreasing by 0.1 per cent year-over-year to $325,139. The median price of a two-storey
home fell by 3.8 per cent year-over-year to $367,690.
“Prices and inventory in Red Deer began to stabilize across all housing types in the latter half of
the first quarter of 2017,” says Norm Jensen, co-owner, Royal LePage Network Realty Corp. in comments accompanying the Red Deer survey results.
“While we’ve never experienced a downslide quite like we have over the past two and a half years, the market has recently turned a corner,” says Jensen.
“Sales activity has started to pick up very slightly as we approach the spring market on the back of improved oil prices, economic stability and consumer confidence.
Once the region’s economy fully recovers, we’ll likely see a more noticeable upswing – but until then, the real estate market will improve at a relatively slow pace.”
Nation-wide Canada’s residential real estate market saw prices increase 12.6 per cent. Much of that was driven by red-hot prices in Ontario, especially the Greater Toronto Area and the “Golden Horseshoe” reaching as far as Windsor and London.
When taking Ontario out of the mix, Canada’s home sale prices increased 6.4 per cent.
Nationally, the price of a two-storey home rose 13.9 per cent to $681,728. Bungalows increased 11 per cent to an average of $490,018. Condominiums increased 8.9 per cent to $372,638.