Archive for September, 2014

September 5, 2014 – Market Update

Friday, September 5th, 2014

It’s been an up and down spring and summer for sales in Lacombe while year to date sales down by 5% – the only central Alberta market where we see that happening.  The early part of the year got off to a slow start possibly due to very low inventory levels.  Lake spring saw a dramatic jump in the number of active listings and may have helped the market pick up.  In August, the market was titled slightly in favour of buyers except surprisingly in the $400,000 – $450,000 price range where sales were very strong compared to the number of listings.

A lack of new building lots is likely partly to blame for the slower market.  It’s difficult to determine what else may be affecting sales considering the increased activity in surrounding municipalities.

The economies of both Alberta and Canada are performing above expectations and forecast to continue that way in future. The Canadian economy grew by 3.1 percent in April, May and June according to Statistics Canada – the strongest the economy has seen since 2011.  In Alberta, wages continue to go up, much faster than the rest of Canada which would explain the ongoing large numbers of people moving here from other provinces.  Alberta weekly wages top the rest of Canada by more than 18%.

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