2018 marked the Grande Prairie region’s best year for home sales since before Alberta’s economic downturn. The Grande Prairie Real Estate Board shows annual sales through the MLS System were up 17.5 per cent from 2017.
2,622 units were moved last year, making it the best year for local housing activity since 2014. That bucks the provincial trend, as residential sales across Alberta were down seven per cent from 2017, the lowest since 2010.
“Grande Prairie has been one of the few regions in the province that has not only seen an improvement in sales activity in 2018, but also some price growth,” says the Alberta Real Estate Association. “At the same time, the amount of the supply eased in the market [pushed] the market into more balanced conditions and supported price growth.”
The average price of a home sold in Grande Prairie was $304,365 in 2018, up 4.1 per cent from 2017. That’s still below 2014 highs.
Like the rest of the province, the Grande Prairie area saw a drop in sales to end the year. There were 97 homes sold last month, down 12.6 per cent from December 2017. Alberta saw its residential sales drop 21.3 per cent last month.
“Falling oil prices and concerns over the economy weighed on confidence in December,” the Alberta Real Estate Association says. “This impacted resale markets across the province as sales eased in most regions compared to last year and long-term advantages.”
The association adds that buyers also had to deal with higher lending rates and stricter qualifications in 2018.