With head lines indicating that the end is near, and that we're in a buyers market so look out for falling prices how can 2007 be the best year ever?
By the numbers it is. Volume of sales is up, the average sale price is up, and the economy is strong. This is what it looks like for 2007 in the city of Red Deer:
|Average List Price||$252,791||$313,378|
|Average Sale Price||$250,051||$308,312|
|Day on Market (DOM)||25||31|
|Sales Volume (units)||2036||2107|
Includes all properties types in City of Red Deer (single family, half duplex, townhouse, apartment, mobile etc...)
There is no doubt that the market has changed with the number of available home to buy at levels not seen since 2001. Yes we've seen this before not that long ago. We have tremendous economic prosperity that in my opinion paints a favourable forecast for home ownership. Some of the headlines highlighting investment in our province and city have been:
TransCanada seeks approval for $1B Alberta gas pipeline
Last Updated: Wednesday, November 21, 2007 | 2:14 PM MT
TransCanada Corp. wants to expand its already-extensive gas pipeline system in Alberta by building a 300-kilometre extension to better serve the province's oilsands region.
The Calgary-based company filed a permit application Wednesday with the Alberta Energy and Utilities Board. The project would cost $983 million.
November 21, 2007
$60 million earmarked for affordable housing projects
522 new units will address local housing priorities in Alberta communities
Edmonton... More than $60 million will be invested in affordable housing projects in 15 Alberta municipalities. These projects are expected to generate 522 much-needed affordable housing units.
Funding for these projects includes $47 million from the province through the Municipal Sustainability Housing Program and Capital Enhancement Program and $13 million from the federal government's Affordable Housing Trust that Alberta is delivering on their behalf. This is part of the province's investment of $285 million in new funding to generate more than 11,000 affordable housing units over the next five years.
November 21, 2007
Provincial bio-energy grant spurs growth in the County of Stettler
Stettler... More than $137,000 in grant funding has been approved for an electricity-from-biomass project in the County of Stettler. The project will investigate the potential to reduce waste management costs by creating green energy products from waste, as well as diversifying and increasing the county revenue.
A partnership of Prairie Biogas Ltd. and the County of Stettler will use the funding to develop a facility capable of processing 25 tonnes of waste products to generate up to two megawatts of electricity as well as additional thermal energy. The $8 million plant would consume agricultural biomass as well as municipal waste and convert it into a clean synthetic gas that could be used to produce electricity or clean hydrogen.
November 9, 2007
Alberta government provides an additional $880,000 to complete supportive living units in Innisfail
Innisfail... The Government of Alberta is providing more than $880,000 to help complete the construction of 30 affordable, supportive living units in Innisfail.
The new funding was announced by Luke Ouellette, MLA for Innisfail-Sylvan Lake, and Greg Melchin, Minister of Seniors and Community Supports.
"Completing the Innisfail Country Lodge was identified as a local priority," said Ouellette. "The additional funding provided by the Alberta government will help seniors in Innisfail receive supportive living services that best meet their needs, close to their friends and family."
"Seniors want to live as independently as they can," said Melchin. "By continuing to invest in supportive living options like the Innisfail Country Lodge, we are giving these Albertans an option that both meets their needs and enhances their quality of life."
The funding is part of $25 million in top-up funding recently allocated to assist with increased costs for projects under the province's Rural Affordable Supportive Living (RASL) program. The Innisfail Country Lodge received $1.34 million through RASL in January of 2006. With $888,000 in top-up funding, the province's total investment in the Innisfail Country Lodge project is more than $2.2 million. Legacy West Partners Ltd., the David Thompson Health Region and the community of Innisfail are also partners in the project.
October 24, 2007
Alberta government provides more than $700,000 to complete supportive living units in Ponoka
Ponoka... The Government of Alberta is providing more than $700,000 to help complete the construction of 13 affordable, supportive living units in Ponoka.
The new funding was announced by Ray Prins, MLA for Lacombe-Ponoka, and Greg Melchin, Minister of Seniors and Community Supports.
The province is investing $1 million in three provincial infrastructure projects in Red Deer to reduce operating and maintenance costs and cut emissions.
So don't let a few negative headlines that may be designed to sell news papers prevent you from entering the housing market. Buying a house is a decision that requires consultation with your Realtor, mortgage associate, and information on making a long term investment not advice based solely on short term gains.
Your Friend in Real Estate,