February 2023 Newsletter

We hope you are doing well and enjoyed a great Family Day! Below is an update on the housing market in Central Alberta, including statistics for January's listings and sales.

Residential MLS sales in central Alberta in January were down 33% compared to January 2022 but up 5% compared to December 2022.  What a difference a year makes.  Last January, the best five year mortgage rates were 2.69% and the market was already humming.  And the first half of 2022 was the busiest in history.  But all good things have to come to and end and as the federal government pushed up the prime lending rate, financial institutions followed suit with mortgage rates and the market turned back to a more normal pace in the last half of the year.

The assumption was that prices would start to fall like they did in Eastern Canada and on the west coast, but other factors were at work.  Strong energy prices and economic growth attracted more than 120,000 people to Alberta in 2022 and some of those bought homes while the rest filled up most of the available rentals.  In the meantime, builders were struggling with a shortage of trades and supply problems which made their offerings more expensive than the resale market and new construction didn't keep up with population growth.

All that economic activity and continued stable energy prices is still attracting people to Alberta while a shortage of available homes keeps the market in balance.  That means prices are not going down and we expect a competitive market in 2023.

Read more about the market stats in your area:
Red Deer
Sylvan Lake

ALBERTA's ECONOMIC OUTLOOKAlberta economic prospects remain solid, but risks are increasing. Persistently high inflation, aggressive interest rate hikes around the world and ongoing geopolitical uncertainty are slowing the momentum in the global economy. Commodity prices have retreated from elevated levels seen earlier this year amid heightened concerns of a global recession. Even so, Alberta’s economy is positioned well to weather the challenges. Read more about Alberta's Economic Outlook here. 


18 Somerset CloseModern design meets timeless finishes in this beautiful Bungalow in Sunnybrook! This 1,030 Sq.ft. home is perfect for the young professional or new empty nesters, with space to entertain and relax without compromising on style. Find out more or take a 3D Tour:www.18somerset.info

Thinking about building? Roxann met up with Courtenay Whitehouse, Owner of Beacon Homes and current President of the BILD Association of Central Alberta to discuss what to look for in a builder, what the process looks like, and how the new home warranty programs can protext you and your investment. Check out the interview above or get in touch with Beacon Homes

Your referrals allow us to continue to do what we love. Please share our name with friends and family! "Kim is a very intuitive realtor and listened to our requests and aligned us with the right home very quickly. For our first home, we felt like Kim looked after us like she was our mom. We appreciated everything she did immensely. Super prompt, professional and efficient at everything she does!"
"Roxann was very patient and showed us many places before buying our new home. Highly recommend her help when buying or selling real estate."
"Tammy is an excellent and efficient worker!!! She went above and beyond for the services she provided me. Also, she is always on time."