With 2020 coming to a close and news of a COVID vaccine, many people are looking towards 2021 with a bit more hope and optimism. Different areas have been affected in different ways, with some having a seller’s market and others that are better for buyers. Our Grande prairie mortgage broker team has the current figures for December.
Market Update for December 2020
Last month saw a slight drop in average price sales, especially for single detaches properties. This made it a better market for buyers. Homes were selling for around $313K, which was down from the $331K figure from this time last year. The past few months have seen sales staying pretty flat for the past few months and have remained a buyer’s market to date. An average of 400 new listings has come onto the market each month, which is much higher for this time of the year.
We are still seeing home viewings down though, as a result of the pandemic. This may be down to buyer’s only going to the homes they are most interested in buying. A lot of people have also been experiencing a tougher financial year, with the unemployment rate still being high.
Grande Prairie and Surrounding Areas
Grande Prairie’s average sales price for homes is currently $301K, which is down 2.2% from last month, down 6.8% from last quarter, and down 0.4% since this time last year. On average, there have been 114 new listings over the past 28 days, with 75% of these selling. Homes are spending an average of 57 days on the market with a sales to price ratio of 98%.
It’s a different story over in Peace River, homes are selling for around $148K, with a larger drop of 29.9% since last month, a 49.6% drop since last quarter, and a 32.7% drop from this time las year. Over the past 28 days, only 12 new listings came onto the market and only half of those have sold. Homes are spending an average of 56 days on the market with a sales to listing price ratio of 93%.
In Lethbridge County, the average sales price for homes is currently at $575K, down 6.1% from last month, down 3% from last quarter, and figures staying flat from this time last year. Still, the slowdown that the area experienced earlier on in the year has started to move forward, a sign that things will continue to improve as we move into 2021.
Overall, Ottawa and its surrounding areas have seen home sales remaining strong after experiencing a 60% decline in sales between October and November. The market started out pretty slow when the COVID pandemic began at the start of the year, but we have seen it grow stronger over the last few months.
Looking at Ontario as a whole, areas such as Guelph were at the top of the list as the area’s most competitive market. With average home prices at $742K, which was up by 17% in comparison to last month. Inventory has been at an all-time low for the area, with about 2.4 months worth of homes in inventory, with some Ontario markets having as little as 1 month in supply. A lot of people have been leaving the city and looking for homes in the suburbs, with many having has to work from home for a good part of the year.
Where mortgages are concerned, it looks like the low rates will be kept through 2021, with experts believing rates won’t rise again until 2022. This is some good news for homebuyers who can lock in good rates on a mortgage, as well as homeowners who are looking to refinance a current mortgage. If you want to know more about current mortgage rates, give our Grande prairie mortgage broker team a call today!