The housing market in Sylvan Lake for recreational homes has been stagnant this last year, according to a report by Re/Max.
Real estate agent with Re/Max Dale Russell says there hasn’t been a good year for selling a house since 2014.
“Right now we are not selling as much as we did in a good year. The last good year we had was in 2014,” said Russell. “It’s been about five years since we’ve had a good year.”
The unchanging market for properties in Sylvan Lake is due entirely to the economy, Russell says.
“It’s the economy, pure and simple. People just can’t afford a secondary property.”
Most of the market is made up of millennials and retirees, though they are not looking to purchase because they cannot afford the expense.
It’s hard to say when or if the economy will see a rebound anytime soon.
For Russell, a change in the economy will greatly depend on the federal election and the oil industry.
“Without the oil industry we all are suffering. The housing market and just about everything around here, the oil patch fuels all that,” Russell said.
According to the report by Re/Max, residential properties – those used as weekend or summer homes – have seen a zero per cent increase year over year, for both waterfront and non-waterfront properties.
Waterfront properties average $700,000 in Sylvan Lake while non-waterfront properties come in at $350,000. However, real estate agents are find no one is looking for a secondary home.
Right now, there are more houses on the market than there are buyers.
“A lot of people [who have houses on the market] have just given up. Some have reduced the price of their homes in hopes it will sell, but other refuse to potentially lose and either keep the house on the market or remove it all together,” said Russell.
He continued to say some home owners are waiting to sell in the hopes the market will soon rebound.
With so many houses on the market, both as a recreational property or a regular home, Russell says now is a great time to buy.
“I can guarantee it’s a buyer’s market… you won’t see a seller’s market here.”