How does Red Deer Real Estate Market compare to the rest of Canada.
Even though Canada’s real estate market experienced a dip the past 2 years, the prices of house in major urbanize regions. As per the most recent Housing Trends and Affordability Report by the Royal Bank of Canada in 2017, it costs about 75-80% of median household income to fully cover how much it costs to own a house.
In hopes of stabilizing the prices, most Provincial Governments issued a 15% tax on housing foreign investments. However, per PricewaterhouseCoopers’ report, industry players and investors are a bit iffy on the said tax reform, stating that curtailing foreign investments would gravely have a long term cooling impact in house prices in all of Canada.
The ever-increasing cost of living left millennial with no choice but to look for alternatives to conventional housing. Back in 2016, it is found that about 47% of adults in Canada’s large cities are said to live with their parents. PricewaterhouseCoopers expect multi-generational and multi-family homes to significantly increase, enforcing larger condominiums to rightfully fit large and growing families, and possibly a step towards urbanization as new and improved public transport projects make commuting easier.
How does the Real Estate Market in Red Deer affect your?
If presently, you own a house, you can be at ease that your investment will continue to hold its value, and even appreciate over time. If you are looking to sell this year, do some in depth research, and perhaps seek the help of real estate professional to evaluate the value of your property. It is advised to not sell above the market price and not gravely below the market value, especially if you are in the rush to sell your house.
If you are an avid buyer who has been on the lookout for house prices to take a dip, you might need to wait longer, since prices are expected to be stable, grow even, this year and the coming years. Governing bodies have put in the effort to somehow slowdown the drastic increase in prices, which helped balance the real estate market in a way.
For more information on Red Deer AB Real Estate Market contact us and we can dive into your local neighbourhood historical and present data.
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