Wednesday, March 21, 2007

What's going on in rest of Alberta

While we have been discussing real estate activity mainly in Edmonton and Calgary, rest of Alberta has been witnessing the same boom in housing prices as these two major cities.

First some quick numbers showing how prices are across the province:

Red Deer $335,698
Edmonton $321,307
Fort McMurray $459,140 (2006 prices)
Calgary $408,968 (recent average from CREB site, can't say anything for correctness)
Rural Central Alberta $ 255,619

Just for a little perspective, the average Ottawa home sold for $264,566 last month
So, average home in rural central Alberta is priced at the same level as an average Ottawa home. And while the federal bureaucrats and politicians might have some foul odor, there has to be something more than just that to explain this price parity!
I guess central rural Alberta is running out of land after all.

Here's an interesting article on real estate situation in Lacombe. Same stuff going on here too-too much demand, too little supply.

Thankfully, the local media in Lacombe are not trying to create a panic to buy in Lacombe.

"For now, he advises those looking to break into the market to be patient, be aware of what’s coming and going on the market, and be in contact with your realtor on a daily basis."
“It’s a very big, long-term decision,” said Russell.

I do know a friend though who recently bought a 30 year old starter home in Lacombe for around $280k.

So why this mad rush to make 'investments' in the middle of prairie lands?
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