The bank of Canada decided to hold interest rates steady on September 3rd. The department of Finance set a date with imposed restrictions on 40 year amortizations and the use of zero down. The kids went back to school, and families settled into to back to school mode etc...
So where are we now?
The number of new listings began to cool off during the first two weeks of August, and this past week we saw a resurgence in the number of new listings. Expired listings peaked in the last two weeks of August and slowed down this past week considerably. There are still a large number of properties for sale despite the decline in inventory numbers previously recorded.
The end result being we're not out the weeds just yet. Still a strong buyers market with speculation being we are carrying % excess in listings for a "normal" market. The positive side is that there are still plenty of buyers out there. Economic conditions are great in Alberta and Red deer, with rates for borrowing low. We'll watch closely as the deadline for the zero down and 40 year amorts approaches on October 15th. A few agents reporting a rush on urgency as the zero down buyer must act now while many others indicating nope not an issue.
Still some corrections and adjustments occuring but all in all Red Deer's real estate market is healthy. This past weeks highlights include an increase in sales, an increase in listings and decline in the expiration rate.
Your Friend in Real Estate,
Stats based on Red Deer MLS