Posted: 1 Jan '18

Dominion Lending Centres Is The Grande Prairie Market Improving

While Alberta saw an overall increase in average house prices and number of home sales in 2017, four of the province's 10 markets — Alberta West, Central Alberta, Grande Prairie, Lethbridge, and Lloydminster — saw a decrease in prices. While these smaller markets continue to struggle, cities like Edmonton have seen a rise in average home prices, with single-family homes seeing an increase in value of 3.6% to $382,337.

Is Grande Prairie a Buyers Market

The Canada Mortgage and Housing Corporation (CMHC) has attributed Grande Prairie's decrease in home prices to the region's unemployment rate, which at 7.2%, has lowered demand for housing. Despite the decline, the CMHC expects Grand Prairie to see an increase in real estate sales in the 2018 and 2019 as the energy sector recovers and new construction projects, such as the Grande Prairie Regional Hospital 's new medical centre, are completed. According to the hospital's Economic Impact Study and Gap Analysis report, the new medical centre will require 507 workers — which will fuel the supply and demand of family homes in the area.

2016 was a buyer's market, with prices for fully-detached single-family homes ranging from $299,000 to $306,000. As the Grande Prairie housing market starts improving throughout 2018, Dominion Lending Centres in Grande Prairie will continue to help people find the best options as markets fluctuate.

How Dominion Lending Centres Grande Prairie Can Help

If you're thinking of buying a home in Grande Prairie, you need Dominion Lending Centres Grande Prairie on your side. The mortgage specialists at Dominion Lending Centres have the knowledge and expertise to help you navigate the current mortgage market and secure the best mortgage with the right lender based on your family's needs and your long-term financial goals. Contact Dominion Lending Centres Grande Prairie today for a free, no obligation consultation.

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