ATHABASCA – Data from the Canadian Real Estate Association shows Canadians are putting off big purchases with the looming threat of American tariffs hanging over their heads, but the federal trend still hasn’t reached Athabasca.
Nationally, home sales dropped almost ten per cent month-over-month in February, hitting the lowest level of sales since November 2023, but Athabasca’s market remained constant, according to local realtor Tamara Yurchak.
“Athabasca is not following the national trends as our market is much smaller,” wrote Yurchak in a March 20 email.
“We continue to experience the traditional trends with the normal migration of families in and out of the region.”
Yurchak’s data, which includes all the residential properties in Athabasca County, including the town and village, shows sales activity is up, with 12 units being purchased in February compared to seven in January.
“Have the tariffs effected our market place right here in Athabasca? The short answer is yes and no. Many buyers and sellers have indicated that they’re uncertain and are waiting a bit to see what happens with the economy,” said Yurchak.
“There’s always the natural migration of families in and out of our region, and the stats are indicating that we are on par with the trends of the last few years.”
Athabasca currently has the lowest inventory for residential listings since the COVID-19 pandemic, but Yurchak said that has been true since the New Year, with 70 properties currently up for sale. The year-to-year trend for February was done 25 per cent, but with the summer months typically better the market has some growth to look forward to.
New listings sold quickly in January, and February saw some of the older inventory change hands as well.
New homes
While Athabasca’s real estate inventory moves at a reasonable pace, it’s rare for new homes to enter the market. From 2021 to 2024, the Town of Athabasca had six new homes — three manufactured buildings and three single family residences — and the Village of Boyle hasn’t had a new home building permit since 2023, although a recent spate of interest was brought on after the interest rate went down.
“Honestly, I think it’s multiple small things that stem from the big thing. My personal opinion is the federal election,” said village Mayor Colin Derko.
“There’s so much uncertainty right now because of our prime minister stepping down and we’re kind of in a purgatory right now.”
Derko stressed that he wasn’t blaming any particular party for the situation, noting it was part of the process that has to happen, but he said he was hopeful for the post-election period.
“Unless you absolutely have to, there is no prosperity builds, there’s no people coming in and saying, ‘Things are getting busy so we better get on this,’ and I think that’s off-putting a little bit,” he said.
Housing is a consistent topic of conversation for the areas municipal councils, who are aware of the impacts a housing shortage has on potential industry development, as well as recruitment for much-needed professionals like doctors, teachers, and police officers.
Despite the need, the municipalities are forced to handle the problem in different ways. Athabasca is very low on vacant serviced lots, meaning homes start come with an additional cost to connect infrastructure, and Boyle has the opposite concern.
“For someone to come in and say, ‘We want to build 50 or 60 lots,’ that would cause us some problems. They would be good problems and we’d never wish it away, but sometimes a slow build is better,” said Derko.
