No question Red Deer and Central Alberta are influenced by the Oil & Gas industry and we're all impacted when there is a downturn. Real Estate in Central Alberta is not immune from those economic forces. However, question is how has it impacted our area, and is it universal?
Below are images and data from our Real Estate Report. Over the next few posts we'll endeavor to present information on a few of the areas in Central Alberta. First we're starting with a community comparison. No, not all markets have encountered the same challenges at the same time. In fact, once the sleeper community as far as growth has been concerned, in 2015 Penhold bucked the norm and posted positive growth in terms of Residential MLS® sales. Along with that came a significant increase in the reported "average price" of a house in Penhold. A quick drive around Penhold and you can see the size and style of homes has changed and grown to be closer to our neighbor communities.
Red Deer continues to have the bulk of the volume, as Red Deer is the larger center by a large margin. As a result Red Deer typically becomes the bench mark for how "Central Alberta" as a whole is performing. As noted above, real estate is local and even hyper local. We certainly can't tale national and provincial trends and apply them directly. Some times yes.
In terms of pricing, Penhold showed the largest Median Price increase, while Red Deer maintained an even keel in 2015 with little change.
Over the next few posts we'll expand on each community mentioned in the above graphics.