By Liam Verster

Housing Market

Grande Prairie’s housing market stabilizes over the summer

Sep 21, 2020 | 7:37 AM

After a few months where the local housing market saw declines across the board due to the COVID-19 pandemic and the plunge in oil prices, Grande Prairie’s housing market has started to stabilize.

Chris Cline, the President of the Grande Prairie and Area Association of Realtors, says July was one of the best months for the local market since 2014. There were 130 single detached homes sold in the City of Grande Prairie, with the average price of $325,383.

However, those figures did see a slight dip in August.

“There was 108 sales last year, and there were 90 this year for August, so about 18 houses different, so it is down a little bit but not terribly,” says Cline, who adds that as of Friday, the September 2020 sales were just four below the number of sales made in the same month last year.

Despite the sales going down slightly in August, there was a rise in the average sales price. Not including condos or homes on rented land, sales data collected from single family detached homes shows the average price for a home in August 2020 was $334,839.

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Following the summer months, Cline says they’ve seen the number of new listings skyrocket.

“We sat around at about this time last year, I did pull the numbers [Thursday] night, about 370 listings, and we’re sitting at 433 as of [Friday]. And that’s again not including you’re condos or places on rented land, that’s just your single family detached houses.”

Cline adds that with the low interest rates, he expects to see a little bit of an up tick to the market in October and November, and end a little above December 2019’s average at the end of the year.