Ponoka bucking statistical trend on housing

While the housing market is down in much of Alberta, it seems Ponoka is more normal than others.

While the housing market is down in much of Alberta, it seems Ponoka is more normal than others.

Dale Russell, broker in charge of Remax Ponoka and six other central Alberta agencies, explained that recent news showing the local market in decline is a bit of a misnomer.

“Residential sales, in town, this past June compared to the same month last year went from 10 down to seven, but while that sounds dramatic its not really reflective of the market,” Russell said.

“Sure, if a 33 per cent decline happened in a market where there were hundreds of sales, then there’d be a reason to be concerned.”

To illustrate that, Russell stated Ponoka saw 10 sales in each of July and August followed by 15 houses sold in September, totalling 87 sales during the first nine months of 2016. That compares to a total of 84 sales over the same period last year, which translates to a 3.6 per cent hike in home sales, something Russell noted only Ponoka and Blackfalds markets in central Alberta can show.

Overall, said Russell, central Alberta sales are down 12 per cent with Rocky Mountain House and Sylvan Lake both down the most at 28 per cent.

The dive in the oil and gas industry is what he believes is causing at least some of these affects.

“There is no question (the price of oil) is having an affect. And yes, sales are down compared to two years ago, but 2014 was the best year we’ve seen since 2007. There was a significant fall in 2015, but this year things are just going back to what normal is for the Ponoka market,” said Russell.

In addition, Ponoka is close to a balanced housing market according to Russell. That means the sales-to-listings ratio ranges between 20 and 40 per cent, and Russell stated that ratio for September worked out to 19.3 per cent.

“That’s the second highest month for this year. That suggests the market is not nearly as bad as people perceive it to be,” he said.

“When you drill down into the local market statistics, it’s positive and the numbers speak for themselves. Supply and demand is narrowing and we are closer to balance than we were in June.”

 

Just Posted

Ponoka Agricultural Society Bench Show winners, photos

The Ponoka Agricultural Society’s annual Bench Show was held at the Ponoka… Continue reading

The Ponoka Little League girls softball team win bronze

Ponoka defeated Calgary 17-2 in Canadian Little League playoffs

Ponoka Aquaplex will be closed from Aug. 25 to Sept. 30.

Many improvements planned for Ponoka pool

Ponoka County agrees to next step for Rimbey Agrim

Full time manager will help Rimbey Agrim Centre’s financial stability

Disney Plus to launch in Canada in November

Analysts say latest streaming service may escalate cord cutting

Panel to review impacts of safe injection sites in Alberta

It will look at crime rates, social order and property values, and not harm reduction or housing

Five suspects arrested by Leduc RCMP with help of Wetaskiwin and Maskwacis

Leduc RCMP work with Maskwacis and Wetaskiwin RCMP to make arrests

Elections Canada to assess ‘partisan’ climate change rhetoric case by case

People’s Party of Canada Leader Maxime Bernier has said climate change is not an emergency nor caused by human

PHOTOS: 5th Annual Alix rodeo bucks the competition

Cowboys and cowgirls risked it all at the Alix Rodeo

Wetaskiwin RCMP arrest two in Camrose after report of suspicious persons

Fugitives try to flee on ATVS, one allegedly steals police car

Canada ‘disappointed’ terror suspect’s British citizenship revoked

Jack Letts, who was dubbed “Jihadi Jack” by the U.K. media, has been detained in a Kurdish prison for about two years

Most Read