11 Mar

Grande Prairie 2018 Market Update

Mortgage Tips

Posted by: Gert Martens

As your local Grande Prairie mortgage broker, we are always up to date with the current market trends in order to provide you with the best rates. We keep informed with the market so you don’t have to.

According to Grande Prairie & Area Association of Realtors, the average multiple listing service (MLS) price for 2015 was about $320,000. By 2016, the price dropped to around $280,000 and slightly increased the following year to $285,000. The average MLS price for January 2018 was $296,151, which is a slight increase from the year prior. This small change in the market for Grande Prairie gives an opportunity for buyers to negotiate better deals. For all of Alberta, the average MLS price for January 2018 is $380,230, which suggests the high value and real estate popularity of Grande Prairie.

In January 2018, the number of units for home sales was 151, according to the Canadian Real Estate Association. This is approximately a 33% increase from the year prior. Grande Prairie had one of the highest records for homes sales compared with Alberta as a whole, which only had a 7% increase from January 2017.

By January 2018, the residential dollar volume in Grande Prairie was listed at $44,718,773, and all of Alberta was $1,134,605,476.

The active home listings, however, has decreased by over 4.5% compared to the previous year. In comparison to the last ten years for active listings, Grande Prairie has dropped 13.6%.

It is important to stay informed on the areas you are looking to buy a home in. With the constant fluctuation in prices, the market is always changing.

For more information on the market change, please contact the Dominion Lending Center at gmartens@dominionlending.ca. If you have any questions on a Grande Prairie mortgage and types of home loans, or if you want to get started today, please call (780) 933-0109.