By Josh Hall (Twitter: @Vancan19)

market remains busy

Central Alberta home sales remained red hot in April

May 17, 2021 | 3:18 PM

Home sales in Red Deer remained red hot last month.

This is a good sign for the economy as Alberta tries to climb back from the COVID-19 pandemic, says Lindsay Olver, chair of the Central Alberta Realtors Association.

There were 221 residential units sold in Red Deer in April, up 262 per cent from a year ago (61 units).

“It’s hard to say for sure what is spurring those sales, but we can say that people are relocating because they can live and work remotely,” says Olver. “People are also holding onto more of their money because they’re not spending it on travel, and instead spending it on their houses.”

Lakefront homes, particularly in Sylvan Lake, have also seen more sales with prices doubling and even tripling, she says.

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Sylvan Lake had 173 home sales in April, compared to 70 in April 2020.

Blackfalds saw 120 units sold last month to 46 the year prior. Lacombe shot up from 49 in April 2020 to 105 last month.

Olver agrees these numbers are inspiring optimism.

“When houses are selling, it means other industries are working as well,” she says. “Real estate directly affects those industries and is affected by them, so it’s very positive for the economy.”

According to the Alberta Real Estate Association’s latest report, low mortgage rates and better job numbers are also supporting confidence in the Red Deer market.

“This combined with a rise in new listings helped support further sales growth this month. With 641 sales so far this year, this has been the best start of the year for the city in over a decade,” says. “While inventory levels have been trending higher, it has done little to alleviate the tight market conditions felt in the city. In April, the months of supply remained well below three months, keeping it below longer-term averages. With conditions that are generally favouring the seller, the city is seeing an upward push on prices.”

A closer look at the latest report is at caraassociation.ca.