The province expected to lead all others in 2017 home sales gains isn’t Ontario or BC

provincial economy

The Canadian Real Estate Association expects Alberta to post the biggest annual increase in home sales of any province this year.

The association, which represents about 100,000 real estate professionals and is among Canada’s biggest single-industry trade groups, forecasts resale residential activity to jump 5 per cent this year compared to transactions recorded in 2016.

That would amount to a projected 54,800 home sales taking place on Albertan soil in 2017, up from last year’s total of 52,169.

The projection is included in CREA’s updated forecast for 2017 and 2018, published this week in tandem with its February monthly home sales figures.

Sluggish resale activity seen early last year in Alberta is largely responsible for the province’s expected country-leading year-over-year growth.

“Much of that story is already in the rear-view mirror at this point,” Gregory Klump, CREA’s chief economist, tells BuzzBuzzNews.

The first quarter last year was “very quiet” for home sales in Alberta but this year’s first three months are shaping up to be the best for demand since fall 2015, Klump tells BuzzBuzzNews.

“In January and February 2017 alone, there were more than 1,000 more sales in the province than there were in the same two [months] of 2016,” he says.

“It is the difference in the first quarter numbers that form the biggest part of the annual sales increase,” Klump states, noting that for the next three quarters the market’s performance should be in line with what was observed in 2016.

CREA does not foresee the short-term upswing in sales pulling prices in the province any higher, however.

“The bigger picture for Alberta home prices has been (and is forecast to continue to be) one of stability,” says Klump…

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Red Deer Realtor Blake King continues to bring relevant local real estate news and information to Central Alberta. Buying or selling real estate it’s important to understand all aspects of you local market. Call Blake King (403) 350-7672 to discuss you real estate needs.

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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.