A closer look at real estate prices in Central Alberta over the last 5 years.

Prices have gone down across the Central Alberta real estate market the last five years but without taking a close look it’s hard to see the degree. If you’re planning to sell soon it’s important to understand where prices are to put together the right plan.

Below is a look at 6 of the more active real estate segments/communities in Central Alberta, Red Deer, Blackfalds, Lacombe, Innisfail, Sylvan Lake, and the Central Alberta market as a whole.

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Average prices were at their highest point last in 2014 and below is how much the market has changed each year in each segment including a comparison to the same time in 2014.

Red Deer, Ab
In 2014 the average price of property sold Jan to Sept was $337,366.
In 2015 it was $341,698 and up 1.3%.
In 2016 it was $327,726 and down 4% (down a total of 2.9% since 2014).
In 2017 it was $330,430 and up 0.8% (down a total of 2.1% since 2014).
In 2018 it was $315,938 and down 4.4% (down a total of 6.4% since 2014).
In 2018 it is $311,143 and down 1.5% (down a total of 7.8% since 2014).

Central Alberta
In 2014 the average price of property sold Jan to Sept was $313,778.
In 2015 it was $318,306 and up 1.4%.
In 2016 it was $305,179 and down 4.1% (down a total of 2.7% since 2014).
In 2017 it was $312,356 and up 2.4% (down a total of 0.4% since 2014).
In 2018 it was $294,488 and down 5.7% (down a total of 6.1% since 2014).
In 2018 it is $292,373 and down 0.7% (down a total of 6.8% since 2014).

Sylvan Lake, Ab
In 2014 the average price of property sold Jan to Sept was $338,950.
In 2015 it was $343,122 and up 1.2%.
In 2016 it was $330,234 and down 3.8% (down a total of 2.6% since 2014).
In 2017 it was $329,990 and down 0.07% (down a total of 2.6% since 2014).
In 2018 it was $319,336 and down 3.2% (down a total of 5.8% since 2014).
In 2018 it is $308,650 and down 3.4% (down a total of 9% since 2014).

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Blackfalds, Ab
In 2014 the average price of property sold Jan to Sept was $329,885.
In 2015 it was $345,126 and up 4.6%.
In 2016 it was $326,776 and down 5.3% (down a total of 0.9% since 2014).
In 2017 it was $315,073 and down 3.6% (down a total of 4.5% since 2014).
In 2018 it was $313,904 and down 0.4% (down a total of 4.8% since 2014).
In 2018 it is $309,527 and down 1.4% (down a total of 6.2% since 2014).

Lacombe, Ab
In 2014 the average price of property sold Jan to Sept was $320,852.
In 2015 it was $321,358 and up 0.16%.
In 2016 it was $311,893 and down 2.9% (down a total of 2.8% since 2014).
In 2017 it was $290,191 and down 6.9% (down a total of 9.6% since 2014).
In 2018 it was $294,460 and up 1.5% (down a total of 8.2% since 2014).
In 2018 it is $323,680 and up 9.9% (up a total of 0.8% since 2014).

Innisfail, Ab
In 2014 the average price of property sold Jan to Sept was $265,264.
In 2015 it was $244,003 and down 8.0%.
In 2016 it was $261,217 and up 7.0% (down a total of 1.5% since 2014).
In 2017 it was $267,872 and up 2.6% (down a total of 1% since 2014).
In 2018 it was $236,951 and down 11.5% (down a total of 10.7% since 2014).
In 2018 it is $270,874 and up 14% (up a total of 2% since 2014).

The Red Deer and Central Alberta stats project more accurately what the local real estate market has done because the stats are from larger samples (higher population).

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There are a few things that contribute to lower prices. Our local economy has slowed since 2014 impacting real estate prices and so has more strict mortgage rules. If on average there is less income and everyone has less buying power it’s no surprise prices have decreased.

To learn more about the Central Alberta real estate market or if you’re planning to buy or sell call Blake King at (403) 350-7672 or email hello@blakeking.ca. Sellers save on commission and buyers get cash-back working with BigEarth.ca Realty

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About the Author

Blake King
Having lived in Red Deer my entire life and having experience in many avenues of real estate I offer enormous value to my clients.