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Steep drop in January real estate sales in Grande Prairie

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Real estate markets across Alberta have taken hit in the beginning of the new year.

In Grande Prairie, year-over-year sales dropped 22.6 per cent in January, according to Canadian Real Estate Association data.

The Calgary Herald reports that the rest of the year is expected to be stable, as small cities are normally hit the hardest first when there’s concern about the oil industry.

 

ATB financial economist Nick Ford is quoted as saying oil hot spots like GP and Fort Mac could see an impact on used home sales and residential investment, as contracts expire and news of layoffs spread.

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