Nestled between Edmonton and Calgary, Red Deer for many was a place to stop but not stay. They would come into the city’s famous Gasoline Alley and fill up on their way to other destinations, often enjoying a treat at the legendary Donut Mill. Those who just drove through, however, have been missing out on one of the province’s fastest-growing and most interesting cities.
Here’s a quick guide to Alberta’s third-largest city: Red Deer.
Why is Red Deer Starting to Draw a Crowd?
One reason Red Deer is becoming homier is its economy. Located between Edmonton and Calgary, Red Deer has grown into a mix of both cities’ economic features, all while still taking advantage of its rural roots. The major employers in the city today are retail, health care (common for many Canadian cities), construction, Alberta’s staple oil and gas, manufacturing, and value-added agriculture. Over half of the population holds some sort of post-secondary education or certificate, making Red Deer home to an educated and hard-working labour force. Those economic features play a big role when it comes to real estate. Red Deer’s economy allows its families to make just over the national average while they enjoy below-average home pricing, making it the perfect place to settle and raise a family.
How Does Red Deer’s Real Estate Landscape Look?
While the overall economy has experienced a strong growth trend, Red Deer is no exception to the rest of Alberta – the recession had its economic impacts. The real estate market, as a result, has noticed some flux. The start of 2018 began strong, but the real estate market noticed a clear slow-down heading into the spring months. This in part is due to fallout from the recession (largely the optimism and then disappointment over the Trans Mountain Pipeline), but new mortgage rules also played a part.
What this does mean is that, since the demand for homes is low, real estate prices are dropping – with higher-end homes taking the biggest hit. For example, one home valued at $800,000 in 2014 (before the recession) recently sold for $665,000; another valued at $400,000 in 2014 has dropped closer to $370,000. While these trends may not be the best for home sellers in Red Deer, they do represent opportunity for the home-buying market. With home prices, low amid a rebounding economy that has lots of job and wage potential, now might be the perfect time to invest in real estate in Red Deer.
How Does this Compare to Edmonton and Calgary?
Both cities are showing similar trends. Higher unemployment levels and Calgary’s oversupplied house market have led to price declines, while Edmonton’s sales remain 5 per cent below both 2017 levels and its long-term trends.
How Unique Do these Trends Make Red Deer?
Red Deer’s economy has always seen a boom-and-bust cycle; people come and go more than many other places in Canada. However, Red Deer remains an incredible city for families and anyone who wants a balance between small-town living and large-city resources. Despite being sandwiched between two much larger cities, Red Deer has carved out a space for itself, one that is unlike anything else in the province. For many, it is a sleepy town with plenty of fun activities both indoors and out: it’s the perfect place for those who like to go for long hikes or who enjoy having interesting amenities just around the corner – like the beautiful Sylvan Lake and world-renowned dinosaur hotspot, the Alberta Badlands.
Ovlix can help you connect with the perfect place in Red Deer for the next step in your life. With unique listings for homes and properties in the area, we can help you connect with this beautiful, often overlooked city in the heart of Alberta. Contact us today to discover what we can do for you when looking for property in Red Deer.