Drumheller is seeing a boom in real estate, and while sales are through the roof, there is still a good chance for people to get into the market.
Vicki Hardy of Century 21 Power Realty tells the Mail it is a seller’s market.
“We are definitely seeing things move quickly. We aren’t seeing what the larger centres are, but we are seeing things that are listed at the right price going at list price, maybe a little bit more,” she said. “We are seeing more multiple offers than we have seen in the past.”
She says the buyers come from different places.
“We are seeing lots from Ontario, B.C., I field lots of questions from Calgary and Red Deer because it is so much cheaper. People are selling their $700,000 house in Calgary and buying an equitable property for half the price.”
She is seeing them both as people relocating as well as investments.
“We have very few low-dollar listings because people are scooping them up,” she said. “A little more pocket change from the COVID days where they couldn’t go anywhere or travel, so they had more disposable income,” said Hardy.
She says right now there is a need for inventory at all price ranges.
“It’s a seller’s market but it’s not a terrible time to be looking either.”
Heather Van Dyk of Re/Max Drumheller agrees that it is a time of growth in Drumheller.
“Today, we are in a really good market and we are seeing families move here from different areas and it’s exciting,” said Van Dyk. “Today there are only 40 properties for sale. There are eight that have conditional solds, and in the last six months we have had 102 sales.”
She says it has been surprising.
“I really feel when COVID first hit a couple of years ago, nobody worked for three months. You wouldn’t have wanted to have been in my house and I wouldn’t want to have been showing houses, and then all of a sudden the phone started ringing,” she said. “You always have job transfers and divorces, but I feel like the dynamic changed when people actually had to live in their houses. Unlike before when maybe they were going out for dinner or having activities.”
She says this might have made them more aware of how their house was designed, or how much they liked or disliked their neighbourhood.
“It was all of us realtors’ two busiest years of our life,” she said.
She saw people moving to Drumheller from throughout the province attracted to the community.
“They wanted to put their kids in smaller schools, the amenities,” she said. “They are still looking for a centre that has good hospitals and schools. I still think this town has a lot to offer when compared to smaller centres,” said Van Dyk.
She is also seeing people locally changing their circumstances, whether they’re entering the market for the first time, upgrading or downsizing. There are also weekend homes and revenue properties including short-term rentals being snapped up.
Despite this, she says Drumheller is still a reasonable market.
“You can still buy with 5 per cent down, you can still do a 25-year mortgage,” she said, adding interest rates are very reasonable.
The hypermarket has also has made an impact on the rental market.
Cassandra Houston of Drumheller Housing says there has been super low vacancy.
“It is a big demand on the little inventory we have right now,” she said. “It has been like this through all of COVID and in the last month it has ramped up again.”
She said there has been a little bit of pressure on prices.
“Not a ton, but there has been a slight increase, just with the increased cost of living. Property taxes and insurance are going up, so rentals are also taking a hit with inflation, but nowhere near what the cities have been seeing for increases,” she said.
She adds there has been less turnover simply because folks wanting to upsize or downsize are not seeing many options.
Houston says if you are in the market to find a rental be prepared.
“Be patient, and if you find something you like, snap on it because if you take a couple of days to decide, it’s a couple of days too long and it’s gone. Make sure you have references, and everything lined up on your end ready to go,” she said.
For Hardy, she says to trust the experts.
“It never hurts to reach out to your local real estate expert to get their opinion on the market. Having someone in the know on your side is definitely good. Someone with their ear to the ground is always beneficial whether you’re a buyer or a seller,” said Hardy.
