Red Deer Real Estate Market Update · August 2026

Is the Red Deer Real Estate Market Slowing Down?

“How’s the market?”

It’s still the question I hear most often. But lately, there’s been a slight change:

“Is the Red Deer market starting to slow down?”

There are some signs of moderation. Buyers have more properties to choose from, sales activity has eased, and we’re moving into a time of year when the market normally slows somewhat.

But I wouldn’t call what we’re seeing a major market correction.

For now, I’d describe Red Deer as a healthy, active housing market beginning to move toward more balanced conditions.

Anders On The Lake

Red Deer Market at a Glance

August 2026 Residential MLS® Data
215
New Listings
154
Sales
386
Active Listings
$431,692
Average Sale Price
43
Average Days on Market
98.1%
Sale-to-List Price
Source: MLS® System data for residential properties in Red Deer.
The Bottom Line

Red Deer remains an active housing market. Buyers have more choice than they did earlier in the year, but homes are still selling relatively close to asking price.

The signs I'm watching point more toward a normal seasonal slowdown and a gradual move toward balanced conditions than a significant market correction.

So, Is the Market Actually Slowing Down?

Yes — somewhat. But context matters.

There are three things I’m paying particular attention to right now: buyer choice, sales activity, and how close homes are still selling to asking price.

02

Sales Are Moderating

Red Deer recorded 154 residential sales in August, compared with 215 new listings coming onto the market.

That relationship is worth watching because it can gradually shift the balance between supply and demand.

At the same time, context matters. Late summer and fall typically bring some seasonal slowing in Red Deer and Central Alberta.

Seasonal slowdown ≠ market correction

One month doesn't define a trend. What happens over the next several months will tell us much more about the direction of the market.

03

Sellers Are Still Getting Close to Asking Price

One number that stands out this month is the 98.1% sale-to-list-price ratio.

Even with buyers having more choice, homes that are selling are still achieving prices relatively close to their asking price.

98.1% Average Sale-to-List Price

Of course, that is a city-wide average. Results can vary significantly depending on neighbourhood, property type, condition, price range and how accurately the home was priced from the beginning.

Buyers are still buying. They’re just becoming a little more selective.

01

Buyers Have More Choice

There were 386 active residential listings in Red Deer at the end of August.

More inventory gives buyers the opportunity to compare properties instead of feeling they have to jump on the first suitable home they see.

That changes the equation for sellers too.

Your home isn't just competing against what sold three or six months ago. It's competing against the homes buyers can choose from today.

As inventory grows, pricing, condition and presentation become increasingly important.

Patrick's Perspective

What I’m Seeing Beyond the Numbers

MLS® statistics give us the big picture, but they don’t always tell the whole story. Working with buyers and sellers day to day gives me another perspective on how the market is actually feeling.

Buyers Seem a Little Less Rushed

When several comparable homes are available, buyers are more willing to look at all of their options before making a decision.

Value Matters More

Buyers are paying closer attention to how one property compares with another. If a home feels noticeably overpriced, they have more opportunity to simply move on.

Good Properties Still Get Attention

A market becoming more balanced doesn’t mean demand has disappeared. Well-priced homes that show well are still attracting serious buyers.

A little less urgency doesn’t mean a weak market. It means strategy matters more.
For Sellers

Thinking About Selling? Here’s What Matters Now.

If you’re considering selling this fall, I wouldn’t get too caught up in whether someone labels Red Deer a “buyer’s market” or a “seller’s market.”

Your individual market matters much more.

✓
Current Competition

Look closely at the homes buyers can choose from right now.

✓
Recent Comparable Sales

Recent sales help establish value, but older sales need to be viewed in today’s market context.

✓
Days on Market

How quickly are similar homes actually selling in your price range and neighbourhood?

✓
Condition & Presentation

As buyers gain more choice, the differences between competing homes become more noticeable.

✓
Pricing Strategy

Your starting price should reflect the market buyers are shopping in today, not simply what worked six months ago.

Patrick’s Take

A changing market doesn’t necessarily mean lowering your expectations. It means being more deliberate about your strategy from the beginning.

For Buyers

Buying? More Choice Is Good — But Be Ready.

For buyers, increasing selection is generally welcome news. You may have a little more time to compare properties, evaluate condition, and think through your options.

More Time to Compare

When inventory increases, buyers can look more closely at neighbourhood, layout, condition and value instead of feeling pressure to act immediately.

More Room to Negotiate

Depending on the property and price range, there may be more opportunity to negotiate than there was in a tighter market.

Good Homes Still Move

Well-priced properties can still attract strong interest. More choice doesn’t mean the right home will sit on the market indefinitely.

The advantage for buyers: more flexibility. But having your financing organized and understanding recent comparable sales still matters.
The Bigger Picture

What About Interest Rates, Tariffs and the Economy?

I’m hearing more questions about this too. Broader economic conditions can absolutely influence real estate — but they don’t affect every market in exactly the same way.

Interest Rates

Borrowing costs affect monthly payments, affordability and how much buyers are comfortable spending.

Employment

Job stability and local economic confidence play a major role in whether people feel ready to buy or sell.

Tariffs & Costs

Trade uncertainty and higher material costs can influence construction, renovations and the cost of new housing.

Consumer Confidence

Even when people can afford to move, uncertainty can cause buyers and sellers to delay major decisions.

But Real Estate Is Local.

National headlines matter, but they don’t automatically tell us what’s happening on a particular street in Red Deer.

Local Supply Buyer Demand Employment Migration Affordability New Construction

That’s why I watch both: the larger economic pressures developing around us and what buyers, sellers and MLS® data are actually telling us here in Red Deer.

The Bottom Line

What Does All of This Mean for Red Deer?

Red Deer remains an active housing market, but we’re seeing signs of more balanced conditions.

Buyers have more choice.
Sales activity has moderated.
Seasonal slowing is beginning to show.
Homes are still selling relatively close to asking price.

So, is the Red Deer real estate market slowing down?

A little.

At this point, though, I see a healthy market moving toward more normal conditions rather than a significant correction.

And as always, the answer can look very different depending on your neighbourhood, property type and price range.

Thinking About Selling?

Wondering What This Market Means for Your Home?

City-wide averages are useful, but they don’t tell you what your particular home may be worth.

If you’re thinking about selling this fall, next spring, or you’re simply curious about what’s happening in your neighbourhood, I’m happy to take a closer look.

We can review recent sales, current competition and what buyers are actually doing in your part of Red Deer.

No pressure. Just good information to help you plan your next move.

Let’s Talk About Your Home →

Red Deer Real Estate Market – July 2025: Prices, Inventory & Tips

Here’s your Red Deer real estate market update for July 2025—key prices, inventory trends, and practical tips for buyers and sellers.

Different House Types in Canada

Row houses in Toronto
Photo: Bardiak (Public Domain) via Wikimedia Commons

When considering a home purchase, one of the first decisions is the style of home you want to live in. Detached, semi-detached, townhouse (row house) and condominium are among the most common options across the country. Each has its pros and cons, so here’s a quick overview to get you started.

  • Single-Detached — Stands alone with its own entrance and front/back yards.
  • Townhouse / Row House — Two or more homes joined in a row, sharing at least one wall; usually 2–3 storeys with a small yard and private entrance.
  • Semi-Detached — Two homes share a common wall; each has its own entrance and yard, often a shared driveway.
  • Condominium / Apartment — Privately owned unit in a larger building; a condo board manages shared areas while owners hold title to their unit.

Want to see what’s available right now? Browse current MLS® listings and filter by property type.

Condo Amenities Worth Considering

Modern apartment/condo lobby
Photo: Sdkb (CC BY-SA 4.0) via Wikimedia Commons

Think about how a condo fits your lifestyle. In-unit amenities like a washer/dryer, air conditioning and a dishwasher add comfort and convenience. A balcony creates outdoor living space—just confirm building rules for décor and furniture.

In the building, look for elevator access, owner/visitor parking and storage. If you have pets, ensure the building is pet-friendly and allows your specific pet. Consider walkability to shops, services and transit at different times of day. Security, lighting and building maintenance schedules matter, too.

Bonus amenities to look for: a fitness centre, pool, rentable common room and concierge service. Make a list of the extras that truly matter to you.

Getting a Mortgage While Self-Employed

Self-employed person working at a laptop
Photo: PxHere (CC0) via Wikimedia Commons

Nearly 13% of Canadians are self-employed, which means the traditional mortgage route isn’t always a perfect fit. The right team—a mortgage professional who specializes in self-employed files, plus your accountant, lawyer and an experienced REALTOR®—can help you qualify at a competitive rate.

The main hurdle is proving income stability. It can take extra documentation and careful presentation of income so lenders can assess it with confidence. Ideally, your accountant and mortgage professional coordinate before you apply to structure income and taxes, prepare the down payment and present your file in the best light.

Designing a Nursery That Will Grow With Your Child

Modern nursery with crib and dresser
Photo: Ajay Suresh (CC BY 2.0) via Wikimedia Commons

To avoid frequent full makeovers, start with longevity. Choose neutral wall colours (greys, beiges, whites, earthy tones) that work with evolving interests. Refresh the look over time with accessories, curtains and bedding.

Invest in quality, flexible furniture: a crib that converts to a toddler/day bed; a dresser that doubles as a change table; and comfortable seating large enough for you and your growing child. Consider room-darkening blinds for naps and summer evenings.

Red Deer Stats — July 2025

  • Total residential average price: $404,783 (↑ 10.0% YoY)
  • Detached average: $491,763 (↑ 14.7% YoY)
  • Apartment average: $205,219 (↓ 2.3% YoY)
  • Sales-to-new listings: 77%; Months of inventory: 1.48

Average Sale Price

  • Detached: $491,763 ↑ 14.7% YoY
  • Apartment: $205,219 ↓ 2.3% YoY
  • Total: $404,783 ↑ 10.0% YoY

Inventory & Flow

  • Active: SFD 222 · Apt 43 · Total 315
  • Sold: SFD 124 · Apt 21 · Total 213
  • New: SFD 187 · Apt 23 · Total 276

Market Ratios

  • Sales-to-New Listings: 77%
  • Months of Inventory: 1.48

Source: CARA — Central Alberta REALTORS® Association (Pillar 9 monthly statistics). City-wide averages vary by location, size, and condition. For pricing tailored to your property, request a free home valuation.

Red Deer Market: FAQs (July 2025)

Is Red Deer a buyer’s or seller’s market right now?

With roughly 1.5 months of inventory and a 77% sales-to-new-listings ratio, conditions favour sellers in most price bands.

What’s the average home price in Red Deer?

Total residential averaged about $405K in July 2025, with detached just under $492K and apartments near $205K.

How do I price my home correctly?

Start with neighbourhood comps and recent condition-adjusted sales. Request a free valuation for tailored pricing.

Can I still buy with 5% down?

Yes—speak with your lender about insured options and current stress-test requirements. I can refer trusted local brokers.

Home Trends & Red Deer Real Estate Insights – July 2025

Home Trends & Real Estate Insights – July 2025

By Patrick Galesloot | Broker/Owner | Century 21 Advantage

Creating a Well-Organized Kitchen

Whether you’re preparing a gourmet dinner or simply heating up leftovers, a well-organized kitchen makes life easier. You don’t need a full remodel—sometimes, all it takes is maximizing the space you already have.

Adding a credenza or hutch can provide extra storage and serving space, keeping essentials within easy reach and clutter off the counters. Use drawer and cupboard organizers to ensure tools stay accessible, and group similar items together to reduce visual mess and simplify grocery lists.

Clear containers and baskets help you quickly identify what’s inside, and a label maker is a favourite tool among professional organizers. Once everything has a home, consider updating your kitchen lighting to enhance visibility and create a more open, inviting atmosphere.

7 Tips to Make Moving Day Easier

  • Take Pictures: Photograph your electronics and setups before unplugging anything for easy reassembly.
  • Label & Colour Code: Label boxes by room and contents. Snap a picture before sealing for quick reference.
  • Use What You Have: Suitcases, bins, and baskets can double as moving containers.
  • Measure Ahead: Make sure your furniture fits through doorways in your new home.
  • Wrap with Care: Use towels or blankets to protect delicate items.
  • Bag the Hardware: Store furniture hardware in labeled bags and tape them to the matching piece.
  • Pre-Pack: Finish most of your packing before moving day to reduce last-minute stress.

Repairing Your Lawn with Overseeding

Is your lawn looking tired or patchy? Overseeding can restore it beautifully—perfect if you're prepping to sell. Here’s how:

  1. Prep the Lawn: Mow, bag the clippings, rake debris, and optionally aerate.
  2. Spread Enriched Soil: Add about ¼ inch of compost to support seed germination.
  3. Fertilize: Use a starter fertilizer to encourage growth.
  4. Sow Seed: Mix grass types for a resilient lawn. Check with your local garden centre for guidance.
  5. Water Daily: Keep the area moist for at least a week. Avoid foot traffic until grass blends in.

How to Dry Herbs for Year-Round Use

Have an overflowing herb garden? Drying herbs like oregano, thyme, and rosemary is easy. Tie them into bundles and hang in a dry, dark, cool spot until they crumble. If you're short on time, use an oven or dehydrator—especially for moist herbs like basil or mint.

Store dried herbs in airtight containers in a cupboard or pantry, out of the sunlight. They’ll stay fresh for about a year. Always do a “sniff test”—if the scent is weak, so is the flavour. And remember: dried herbs are more potent than fresh, so adjust recipes accordingly.

Red Deer Market Snapshot – June 2025

  • Active Listings: Detached Homes: 190 | Apartments: 44 | Total Residential: 294
  • Average Sale Price: Detached: $486,461 (↑5.7% YOY) | Apartments: $214,825 (↑8.3% YOY) | Overall: $401,802 (↑8.5% YOY)
  • New Listings: Detached: 105 | Apartments: 28 | Total: 232
  • Sold Listings: Detached: 137 | Apartments: 24 | Total: 172
  • Sales-to-New Listings Ratio: 74.1%
  • Months of Inventory: 1.71

Source: CARA – Central Alberta REALTORS® Association

Note: Market stats are averages. Curious what your home is worth? Let’s chat.

Need Real Estate Advice?

Whether you're buying, selling, or just exploring your options, I'm happy to help you navigate the Central Alberta real estate market.

📞 Call/Text: (825) 251-8730
📧 Email: patrick@century21advantage.ca
🌐 Website: patrickgalesloot.com

Welcome to the 2025 edition of Patrick’s Real Estate Newsletter! In this issue, we reflect on the past year, share insights into the local housing market, and provide valuable tips for homeowners and buyers in Red Deer, Alberta.

Red Deer Real Estate Market

Reflecting on 2024.

The 2024 real estate market in Red Deer demonstrated remarkable resilience despite some challenges. Interest rates were a dominant topic, significantly shaping market activity and consumer behaviour. Yet, our community’s strong sense of connection and ongoing economic growth played a vital role in stabilizing the housing market and maintaining optimism.

General Insights.

Total Sales Comparison:

  • 2024 total sales: 1,820
  • 2023 total sales: 1,842

There was a slight decline in overall sales, indicating a stable but slightly slower market.

Peak Months: April, May and June
consistently show the highest sales
for 2023 and 2024, making spring the
most active season.

Slower Months: January, February, and December show lower activity, which is typical for winter months in the real estate market.

Optimal Selling Window:

Spring and early summer (April to June) are the best times to list a home, as this period shows the highest demand based on sales activity.

Sellers should prepare their homes during the winter months to capitalize on spring activity.

Community Insights

Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See the comparisons below for January 1 - December 31, 2024:

Red Deer led the way with sales and listings as one would expect due to the population size of the community.

Sales New Listings
Sylvan Lake 290 368
Red Deer 1,111 1,420
Lacombe 175 219
Blackfalds 186 232
Penhold 53 58
Innisfail 119 131

 

The most affordable house price was reported by Innisfail with an average of $355,517. Meanwhile, Sylvan Lake has the highest average sale price of a house with $462,945 for a home.

  • Penhold $400,231
  • Innisfail $355,517
  • Lacombe $432,273
  • Blackfalds $429,441
  • Red Deer $449,696
  • Sylvan Lake $462,945

 

Hello Summer(900 x 240 px)

Will The Red Deer Real Estate Market Continue It's Hot Trend This Summer?

The real estate market in 2024 continues the positive trend we’ve seen in the last couple of years.  Then this spring it was a kick-it-up-a-notch dynamic.  The demand for Red Deer real estate hit a frenzied level this spring.  If you were searching for a home you may have experienced the race to the door followed by a bidding war to secure the home.

This is certainly an uncomfortable dynamic for buyers.  It causes a lot of stress and anxiety as buyers often feel rushed into a decision, or feel compelled to strengthen their offer by eliminating conditions.

Red Deer MLS® sales by property type

Conversely, sellers were loving the new dynamic.  In the past, sellers may have felt like they had to give away more than they wanted to and were exhausted by how long the process was.  This spring we’ve seen a dynamic more similar to 2006 and 2007.  Rising prices, and homes that need a little extra maintenance, new shingles, paint, or are worn out from tenants occupying don’t matter as much to get a sold sign.

Now don’t get me wrong.  Completing those to-do list items helps.  The difference this season is more money in your pocket.  Compared to previous years where it was a necessity to get your home sold.

What was/is the cause of this heated market?  A lot of factors are at play that have led to the heated real estate market.  I’m no economist, but I do know that there was very little supply of homes for sale and an abundance of demand (buyers).  The million-dollar question is, where are all the buyers coming from, and why?

Months of Listing Inventory, Red Deer real estate

Did you know that May recorded the highest average sale price for a house in Red Deer? The average price of a house (single detached home) reached $479,995. Year to date the average is sitting at $451,196.

That is 10% higher than 2023, and the highest point of the last 10 years.
This stat is reflected in the sales by price range image below. The bulk of house sales (single family detached) have been occurring in the $400,000 - $500,000 price range.
Red Deer MLS® real estate sales by price range

Is the ride over?

No, not at all.  The ride is just slowing down a little.

We experienced a typical spring market.  Where for sale signs started popping up faster than dandelions.  Now that summer is here, it's normal that we experience a slower pace.  We can expect that we still have a strong summer, but not at the same hectic pace experienced in April & May.  June sales volume was still robust, and slightly below 2023 June's level by 4.4%.  Year To Date, sales still exceed previous years.

 

2024 Red Deer MLS monthly sales versus 2023

Red Deer Housing Market Update: Boom or Bust?

February 2024 Red Deer Real Estate

The data in the slide shows real estate sales in Red Deer, Alberta from January 1 to February 29, 2024, compared to the same period in 2023 and 2022. Here are some specific details:

  • There were 200 sales in 2024 which is 2% more than the 196 sales in 2023. 
  • There were 503 active listings on February 29, 2024. This is 362 fewer listings than the 865 active listings in February 2022.
  • There were 370 new listings reported in January and February of 2024.

It is important to note that this data only represents two months and may not indicate a long-term trend.  

Do you have other questions about the real estate market in Red Deer?

Red Deer Sales by price range February 2024

This graph from Century 21 Advantage shows the number of detached homes sold in Red Deer between January 1st and February 29th, 2024, along with new listings that came on the market during the same period.

There were 118 detached homes sold on the MLS® in Red Deer during the first two months of 2024. The most common price range for these homes was between $400,000 and $500,000, with thirty-six homes being sold in that range. There were twenty-five homes sold in the $350,000 to $400,000 price range, and twenty-three homes sold in the $300,000 to $350,000 price range.

It is important to note that this is just a small snapshot of the Red Deer real estate market. The market can fluctuate from month to month, and many other factors can affect the price of a home, such as location, size, and condition.

If you are thinking about buying or selling a detached home in Red Deer, it is important to consult with a qualified real estate agent. They can help you understand the current market conditions and find a home that meets your needs.

If you'd like to book a private open on one consultation please fee free to reach out to Patrick Galesloot at 825-251-8730

Spacious 5-Bedroom Family Home in Mature Red Deer Neighbourhood!

Spacious 5-Bedroom Family Home in Mature Red Deer Neighbourhood!

Calling all families! This charming 5-bedroom, 2-bathroom detached home in Red Deer's established neighbourhood offers the perfect blend of comfort, functionality, and outdoor space.

Highlights:

  • Family-Friendly Layout: 3 bedrooms upstairs + 2 spacious bedrooms in the finished basement (perfect for teenagers or a home office!)
  • Large Lot & Tranquil Setting: Enjoy the serenity of mature trees, a central green space, and a wider lot for extra play space.
  • Fully Fenced Backyard: Relax and entertain on the inviting deck and patio featuring a water feature. Bonus: RV parking!
  • Double Detached Garage: Keep your vehicles protected year-round with the heated double detached garage.
  • Updated Throughout: Enjoy modern amenities like vinyl siding, vinyl windows, laminate flooring, and a renovated main bathroom.
  • Peace of Mind: Recent upgrades include a new sewer line (2020) with a backflow preventer for added security.
  • Prime Location: Close proximity to Bower Ponds and Great Chief Park offers endless opportunities for outdoor recreation.

This meticulously maintained home is move-in ready and priced to sell! Don't miss your chance to live in this desirable Red Deer neighbourhood. Contact us today!

View the full listing of 10 Freemont Close at http://10freemont.info/

Happy New Year! Is 2024 your year to make a move?

We can expect more of the same in 2024. This means 2024 is a year to move.

We finished the year with a similar trend that was happening in 2022.  2023 saw Red Deer and the area have low inventory levels, strong sale price to listing price, and in some cases price growth.  The market was also decidedly different in homes above $500,000.  Most likely influenced by the higher cost of borrowing.  

Fortunately, 2024 is starting with rate holds, and the immediate forecast is the Bank of Canada will hold the rate further with declines.

Did you know that in 2023 Red Deer real estate sales recorded the 4th highest sales volume of the last 10 years?

There were 1,842 residential MLS® sales reported in 2023 compared to 1,982 in 2022 and 1,902 in 2021, and we have to go back to 2014 for 2,026 sales in Red Deer.
The closing price average for 2023 was $340,795. The highest level of the past 10 years. By contrast, the average closing/sale price for a house in Red Deer was $410,602, and it also exceeded the previous 9 years. Overall a positive trend of growth.  If you're thinking about selling, now might be an ideal time.
Average House Price in Red Deer

The Supply And Demand of Real Estate:

2023 MLS Sales & Listings, Red Deer AB

Sales volume in Red Deer and the area followed similar trends.  Most communities have sales that closely follow the new listing volume. The tight supply and demand for real estate was a benefit to most sellers.  Buyers were feeling the stress of finding something with time to process and evaluate being a premium commodity.  2023 saw an abundance of tenant-occupied homes for sale.  The market was beneficial for quirky or tired homes, and those that generally might be a little thought to sell because of the wear & tear or needs of the home.  As a result, we had many landlords that opted to change their portfolios.

 

2023 had softer volumes compared to 2022.  The rate increases that began in 2022 slowing down the real estate market.

The Bank of Canada interest rates are:

Date* Target (%) Change (%)
December 6, 2023 5 ---
October 25, 2023 5 ---
September 6, 2023 5 ---
July 12, 2023 5 0.25
June 7, 2023 4.75 0.25
April 12, 2023 4.5 ---
March 8, 2023 4.5 ---
January 25, 2023 4.5 0.25
December 7, 2022 4.25 0.5
October 26, 2022 3.75 0.5
September 7, 2022 3.25 0.75
July 13, 2022 2.5 1

Sales By Price Range, The Impact of Interest Rates:

The impact on interest rate increases had a notable impact on house sales above $500,000.

Seasonal Flow:

The seasonal flow of sales echoed the trend of 2022 but seemed to ramp up late in the season when compared to 2022.  The quietest months for real estate are usually December and January.  Not that moving during -20º or-30ºC is all that desirable.  Throw in the fact that we all bought presents and travelled to visit friends and family for a week or two for Christmas, it's pretty easy to see that these two months are sleepy by comparison.

Knowing that lending rates have plateaued, and may decline in the spring, are you planning on buying or selling this year?

Don't Buy Red Deer Real Estate Until You Read This...

Are you still waiting for prices to drop?  Stop it!  Trying to "time" the market is a terrible idea.  It rarely works out that way.  Check this out...

Average Closing Price

The most recent low point for "average" home sale prices was April 2020 $321,104.  If you put your memory banks to work, that was peak "COVID-19" closures, where no one knew what the heck was going on and if anyone would work again.  Then we've had a steady climb until January 2023 when the average price dipped to $347,922.

A further reflection of interest rates and the belief that "interest rates should push prices down".  Yes, they should, because it decreases buying power.  However, the defining metric for if prices are strong, sliding or growing is by far "supply & demand".  Until there is a shift in the supply & demand equation I wouldn't expect a large annual change in sale prices.  Here is the 10-year graph for average house prices.

10 year average Red Deer house price

Despite 2 years of rising interest rates, sales have continued to happen, and the average closing price has gradually risen.  Thanks in large part to supply and demand.  So what doe that look like...

Red Deer Sales by price range

The solid black lines are the "sales" volume for that price range, and the gold-coloured lines are the listings that came on the market.  In a nutshell, the demand for a house in Red Deer is strong.

When we look at all residential property types by community, the supply and demand ratio differs, but the demand for housing has remained strong all year.  WIth the most recent interest rate announcement, holding interest rates, we expect that demand for housing in Red Deer and surrounding communities to remain quite positive until there is an economic slowdown for the area and province.

Central ALberta MLS Sales & Listings comparison

Should You wait to buy a home?

The most important factor is the affordability of monthly living.  If you desire homeownership, then your day-to-day finances and rent payments or your current mortgage payments may change with your purchase.  Historically Housing prices have risen.  Yes, there are moments in time when house prices have fallen, but ever since I've been a home owner, and my parents have been home owners, and their parents etc. prices have gradually risen.  Homeownership is a long-term investment.  If you plan to live in a house for 20, 30, 40 or 50 years then what are you waiting for?

November Red Deer MLS sales comparison

Fall 2023 Real Estate Market Update

Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See the comparisons below for January 1 - October 31st, 2023:

Red Deer led the way with sales and listings as one would expect due to the population size of the community.

The smaller communities have a tighter supply and demand ratio. This dynamic is helping to hold prices and in some cases, we're seeing stronger price growth.

Sales volume at the end of October for Red Deer was reported as 1,621. Followed by Sylvan Lake at 412, Blackfalds at 237, Lacombe at 221, Innisfail at 141 and Penhold with 83 sales ytd.

All the communities report positive trends, particularly around the average price points.

Central Alberta Real Estate Market Update

Red Deer Real Estate in 2023:

2023 has been a robust year for Red Deer's real estate market. However, the lack of options for buyers to select from due to the economy and interest rates is making it more expensive to buy a home. Nonetheless, sales volume has remained positive, with overall sales volume for Red Deer real estate only down 10% from 2022. You can see in the chart that we started the year lagging 2022, and then had a hot summer. The high sales and low inventory dynamic are usually ideal for selling tenant-occupied homes, and those homes with unique or quirky characteristics that make them hard to sell in buyers' markets.

Red Deer Monthly Sales Comparison. 2022 vs 2023

If it's so strong, why am I seeing houses sitting on the market in my area?

The YTD average closing price for ALL property types is currently at $340,567. For Single-family detached homes, it is $411,858. Certainly, by looking at where the sales and listings are in the chart to the left, we can see that the $500,000 remains an affordability barrier. That price point and higher is a significantly quieter price point. Today’s posted interest rates of 6.5-7% are having a direct impact on higher price points. Buyers qualifying today have to qualify with the addition of a 2% points stress test. i.e. moving that qualifying rate to 8-9%.

Red Deer Detached sales and Listing

How much is a house nowadays?

Depending on where you want to live, there are some more communities with lower pricing. Usually, a direct relation to distance from the larger centers such as Red Deer. Sylvan Lake leads the way with the highest average sale price of a house with $421,912 YTD for a home.

  • Red Deer $411,858
  • Blackfalds $390,760
  • Lacombe $384,656
  • Sylvan Lake $421,912
  • Penhold $377,877
  • Innisfail $344,216
YTD Average House Price Community Comparison

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