Buying a home is a huge investment, and will most likely be the biggest expense you ever have. It is important as a first-time homebuyer to be familiar with the residential market before you make such a big financial commitment. Therefore, comparing listing prices and viewing sales over the last year can help you decide when the best time to buy is, and it can help you predict where housing prices might head in the future.
If you are searching the greater Grande Prairie area and are in need of a Wembley mortgage, then it is important to be up to date with the current market trends. So, to help you get started, Gert Martens with Dominion Lending Centres has listed the most current market update for Grande Prairie and its surrounding area.
According to the(CREA), the total residential homes that were sold in June 2018 was 282 units, which was a drastic 21.6% increase from June 2017. By comparing the number of homes that were sold from January to the end of June, a total number of 1,347 units were sold, which was a 20.2% increase from this same time frame last year.
The average price of homes sold in the Grande Prairie area was $319,084, which was a 5.3% rise from June 2017. The provincial average price for houses sold decreased 2.3% compared to the previous year, with the average price being $402,354. With this recent decline in the provincial average price, now would be an excellent time to lock in a rate for your Wembley mortgage before the prices go back up.
In addition, at the end of June, there were a total of 536 active listings posted, which was an 11.3% decrease compared to the year prior. This amount of listings is surprising since spring and summer is the best time to put a home on the market. This decrease in active listings could be due to the new Canadian mortgage rules, which has affected the overall amount homebuyers can borrow. Talk to your local Wembley mortgage broker for more details.
If you would like to know more information on the current residential market for the Grande Prairie and surrounding area or would like to get started on your application today, please contact Gert Martens with Dominion Lending Centres at 780-933-0109.