As of the end of September 2024, home prices in Red Deer will have risen by 9.4% over the past 12 months. This follows a strong seller’s market for detached homes, which began in March 2020, with inventory now at its lowest point since then.

Home sales peaked in 2021 but have gradually slowed along with the available listings. Experts believe that if more homes were on the market, sales could have continued to increase each year.

With the recent half-percentage interest rate decrease, demand may grow even more, potentially worsening the inventory shortage. Looking ahead, forecasts for Alberta—and especially for Red Deer and Central Alberta—suggest that home prices may keep rising as inventory stays low. This would likely keep the market competitive for buyers well into the foreseeable future.

To address the inventory challenges, I’ve started a program to find homes for sale that aren’t listed on MLS or Realtor.ca. Many sellers are hesitant to list until they find a home to buy, so this program helps bridge that gap. By doing this, we’ve had success connecting the dots for both buyers and sellers in this tight market. If you know anyone planning to buy or sell but who’s hesitant because of the current market, have them call me at 403-350-7672 or fill in the form below.