Red Deer homeowners are seeing the value of their houses increase steadily at a time when prices are dropping in many Canadian communities.
The average single-family home price in Red Deer was $381,984 — up 16 per cent and $52,737 — from a year earlier when the price was $329,247, according to a recent analysis of Canadian house trends from Point2 Analysis. That increase amounts to a $144 increase in home value every day.
By comparison, Lethbridge home prices increased 12.5 per cent to $415,603 or $126 a day. In Calgary, a 12.4 per cent increase pushed the 2023 average home price to $662,250 or $210 a day. In Edmonton, home prices rose 2.4 per cent to $441,000 and in Strathcona County prices were also up 2.4 per cent to $435,000.
That should come as encouraging news to Albertans whose experience would be gladly welcomed by Canadians in many cities where home values have fallen.
The Price2Analysis of 67 communities across the country found single-family house values have fallen in 18 cities and condominium values slid in 26 communities.
Burlington, Ont. homeowners were hit hardest. The average price of a home there was $1.2 million, down from $1.26 million in 2022. The 4.7 per cent decrease amounted to $59,583, or $161 a day.
Sixteen of the 18 communities where prices are falling are in Ontario, a sign of a widespread price correction in the country’s most populous province.
Kelowna, B.C. and Regina were the two outside that province. Kelowna house prices fell by 3.6 per cent or $35,900 to $966,500. Regina house prices fell 0.8 per cent to $322,469.
No doubt to their owners’ dismay, house values are falling in many Canadian communities $2,646 to $322,649, or seven dollars a day.
In the condominium market, Lethbridge was a big loser with prices falling a survey-leading 6.1 per cent to $221,183 from $235,552, which amounts to $39 per day.
By comparison, Red Deer condominium prices fell three per cent to $170,863 from $176,147, which amounts to $14 a day, according to Price2Analysis.