Market Report: March 2020

Calgary, AB – March sales activity started the month strong, but the spread of COVID-19 and the dramatic drop in energy prices has caused an abrupt downturn in the demand for housing by the middle of the month, causing provincial sales to decline by nine per cent.

“This is an unprecedented time with a significant amount of uncertainty. It is not a surprise to see these concerns also weigh on the housing market. The impact on the housing market will likely persist over the next several quarters,” says Ann-Marie Lurie, AREA Chief Economist. “However, measures put in place by the government and lending institutions, to help support homeowners through this time of job and income loss, will prevent more significant impacts in…

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Amid the COVID-19 crisis, March home sales in Sylvan Lake are down compared with the past three years, the number of YTD sales in Sylvan Lake overall is most comparable to that of 2016. Though more regulations are implemented on the self-isolation process, we still expect sales to trend slightly higher for April 2020's sale count. The number of new listings in Sylvan Lake is at the lowest over the past 5 years. This isn't the worst news if you're trying to sell, as lower inventory levels mean less competition, likely due to a number of sellers still contemplating whether they want to re-enter the market or stay put.

Sales & overall buyer activity at the higher price points has been slow, especially over $600,000. Sylvan Lake experienced just 1 sale…

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Amid the COVID-19 crisis, March home sales in Red Deer are on par with the past three years, the number of YTD sales in Red Deer overall is most comparable to that of 2017. Though more regulations are implemented on the self-isolation process, we still expect sales to trend higher for April 2020's sale count.

Sales & overall buyer activity at the higher price points has been slow, especially over $600,000. Red Deer experienced just 10 sales over the $600K price point YTD. We're starting to see a number of buyers scooping up the houses they've been watching throughout the fall. The busiest price range is trending between $275,000 to $315,000 in Red Deer with an overall average of 68 days to sell.

If you've found a property you'd like to get a…

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