By Sheldon Spackman

Down But Not Out

Central Alberta home sales down year-over-year in February

Mar 24, 2020 | 1:46 PM

Despite a larger number of properties for sale throughout central Alberta last month, the number of properties being sold and their values have come down from the same month last year.

That according to the latest figures released by the Canadian Real Estate Association (CREA), which show 712 new residential listings in February, up 24.5 per cent on a year-over-year basis.

However, the stats also show residential sales reported through the MLS® System of the Central Alberta REALTORS® Association numbered 197 units in February – down 8.8 per cent from February 2019.

On a year-to-date basis, home sales totaled 386 units over the first two months of the year, edging back 1.5 per cent (six sales) from the same period in 2019.

By comparison, residential sales activity in all of Alberta increased 11.5 per cent in February when compared to the same month last year.

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In addition, the dollar value of all home sales in February 2020 was $58.9 million, down 7.1 per cent from the same month in 2019.

By comparison, the dollar value of all home sales in Alberta rose 12 per cent when compared to February of last year.

According to the figures, sales of all property types numbered 217 units last month, down 7.7 per cent from February 2019. The total value of all properties sold was $75.2 million, falling 3.2 per cent from February 2019.

Allan Melbourne, President of the Central Alberta Realtors Association (CARA), attributes the lower numbers to local economic conditions.

“Central Alberta is quite dependent on oil and gas, and the weather played a little bit of a factor in the month,” says Melbourne. “We’re down, but we’re not down a lot. It’s to be expected – typical for February in Alberta.”

Now that the calendar has turned to March and the world is dealing with the COVID-19 pandemic, Melbourne admits it’s having a negative impact.

“The first couple of weeks of March was, I don’t want to say business as usual, but semi-normal,” he explains. “But as more and more information came out about COVID-19, we have noticed a slowdown.”

Melbourne acknowledges that COVID-19 has forced them to make changes in the way they do business, just like everyone else.

He says realtors have been encouraged to follow health and safety protocols recommended by public health agencies, and to check with their clients that they haven’t been out of the country or exposed to anyone that has the virus or pose other health risks.

“When we do go into the homes, we are using precautions,” adds Melbourne. “We’re wearing gloves, some of the agents have masks, we’re using hand sanitizers, wipes, asking people not to touch anything in the home. The agents are trying to wipe down any surfaces that we touch and just trying to keep it as safe as we possibly can.”

Melbourne also points out that open houses are banned right across the province, until further notice, but he remains cautiously optimistic about the future.

“Once this virus is controlled and we start to get back to normal, I think you’re going to see a bit of a blip,” he suggests. “Because those people that are waiting to buy or are laid off and watching their finances very carefully, once they get going again, I think we’re going to see a little positive blip. It’s not going to be huge, but I think there’s going to be a blip.”