In Sylvan Lake the number of homes for sale out number the buyers looking for either a secondary, or recreational, residence or a home for everyday. File Photo

Recreational home market in Sylvan Lake continues to languish

The Sylvan Lake market for recreational homes continues to be stagnant.

Real estate agent Dale Russell says there hasn’t been a good year for selling a house since 2014.

“Right now, we are not selling as much as we did in a good year. The last good year we had was in 2014,” said the Re/Max agent.

“It’s been about five years since we’ve had a good year.”

The unchanging market for properties in Sylvan Lake is due entirely to the economy, Russell says.

“It’s the economy, pure and simple. People just can’t afford a secondary property.”

Most of the market is made up of millennials and retirees, and they cannot afford the expense.

It’s hard to say when, or if, there will be a rebound, said Russell, who added an improvement in the economy will greatly depend on the federal election and the oil industry.

“Without the oil industry, we all are suffering. The housing market and just about everything around here, the oilpatch fuels all that,” Russell said.

According to a report by Re/Max, sales of residential properties used as weekend or summer homes have experienced a zero per cent increase year over year, for both waterfront and non-waterfront locations.

Waterfront properties average $700,000 in Sylvan Lake, while non-waterfront properties are priced at about $350,000.

Real estate agents are finding no one is looking for a secondary home. Right now, there are more houses on the market than there are buyers.

“A lot of people (who have houses on the market) have just given up. Some have reduced the price of their homes in hopes it will sell, but others refuse to potentially lose, and either keep the house on the market or remove it altogether,” said Russell.

With so many houses on the market, both as a recreational property or a regular home, Russell says now is a great time to buy.

“I can guarantee it’s a buyer’s market… you won’t see a seller’s market here.”

Just Posted

One dead, others injured after fiery crash in southeastern Alberta

CEREAL, Alta. — One person is dead and others have been injured… Continue reading

Liberals unhurt, Tories not helped by scathing SNC-Lavalin report: Poll

OTTAWA — A new poll suggests a scathing ethics report on Prime… Continue reading

Alberta oil curtailment rules extended to late 2020 as pipeline delays persist

CALGARY — A program that allows the Alberta government to impose production… Continue reading

Alberta city votes to keep money flowing to supervised drug consumption site

LETHBRIDGE — City council in Lethbridge has voted down a motion that… Continue reading

‘We’re going to act:’ Military investigating reservist for hate group link

Military probe reservist for hate group link WINNIPEG — The commander of… Continue reading

Your community calendar

Thursday The Red Deer and District Garden Club hosts its annual Flower… Continue reading

Beijing appeals to US to ‘meet China halfway’ on trade

Beijing appealed to Washington on Wednesday to “meet China halfway” and end… Continue reading

Inflation hits Bank of Canada 2% target for second straight month

OTTAWA — The Canadian annual inflation rate came in at two per… Continue reading

Workers escorted away during Border Services probe at Vancouver horse track

VANCOUVER — Several people were removed form a Vancouver horse racing track… Continue reading

RCMP originally planned to arrest Meng Wanzhou on plane, defence lawyers say

VANCOUVER — The defence team for a Huawei executive wanted on fraud… Continue reading

Alberta oil curtailment rules extended to late 2020 as pipeline delays persist

CALGARY — A program that allows the Alberta government to impose production… Continue reading

Alberta city votes to keep money flowing to supervised drug consumption site

LETHBRIDGE — City council in Lethbridge has voted down a motion that… Continue reading

‘We’re going to act:’ Military investigating reservist for hate group link

Military probe reservist for hate group link WINNIPEG — The commander of… Continue reading

Most Read