Best Year Ever?

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:

  2006 YTD 2007
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:

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TransCanada seeks approval for $1B Alberta gas pipeline

Last Updated: Wednesday, November 21, 2007 | 2:14 PM MT

CBC News

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.

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  Building Tomorrow A plan to secure Alberta's future

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.

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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.

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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.

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Province invests $1 million in Red Deer facilities upgrades

By ACN@gov.ab.ca

 

The province is investing $1 million in three provincial infrastructure projects in Red Deer to reduce operating and maintenance costs and cut emissions.

The Red Deer Remand Centre will receive two new boilers to ensure it has a reliable heating source for many years to come. Upgrades to the Roland Michener Centre roof will eliminate the risk of leaks which could lead to interior damage and increased repair costs. The 112 Marwayne Avenue Building will receive new, modern and efficient boilers that will reduce the building's operating and maintenance costs and ensure a reliable heating supply.

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Province announces $13.6 million for modernization of two Red Deer schools

By ACN@gov.ab.ca

 

The Red Deer Catholic Regional Division will receive $7 million for the modernization of St. Thomas Aquinas School and the Red Deer Public School District will receive $6.6 million for G.H. Dawe Community School. This provincial funding is part of a $97 million school infrastructure investment that includes 17 school projects across Alberta.

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 Government provides $18-million boost to Red Deer College for expansion

By ACN@gov.ab.ca

 

The Alberta government is increasing its investment in Red Deer College's Building Communities Through Learning (BCTL) project. The additional funding will go toward the new centres for Trades and Technology and Innovation and Manufacturing being completed, equipped and ready for learners by September 2008. These centres are part of the first component of the college's BCTL project, which also includes centres for Business Enterprise and Visual Art.

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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,

Patrick Galesloot

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