By Liam Verster

October Housing Market

Grande Prairie housing market favouring buyers

Nov 23, 2020 | 12:58 PM

The average prices for homes in Grande Prairie, specifically single detached homes, were down slightly last month, making it a better time for people looking to buy.

Chris Cline, the President of the Grande Prairie and Area Association of Realtors, says the average prices have declined on a year-over-year term.

“For October, for single family detached [home], October we were looking at $312,931, that’s down a little bit from a year to date, which is $330,680,” says Cline.

He adds that’s a dip from the price for single detached homes in September 2020 as well, when the average price was recorded at $334,532.

Cline says sales have remained relatively flat in the past few months. In October, 90 homes sold (compared with 96 in Oct. 2019), and 96 sales were made in September (compared with 105 in 2019).

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He does say though that the market itself is better for buyers right now, as there has been an influx of listings in the past few months.

“we’re still hovering around the 400 listings, give or take. It’s between 395 and 410, kind of in that range. I don’t have the exact figures but we’ve been hovering around that for a month or two.”

He says that figure is higher than a normal year, when there’s usually closer to 300 houses on the market at this time of year.

Cline says while it is a better time to buy, viewings have been down a bit due to the COVID-19 pandemic.

“I think that the people are only narrowing down to go the ones they just want to see, and maybe some other ones. In years past, they might have said ‘Let’s take a look at these ones too’, but they’re just not getting looked at to stop the spread [of COVID-19].”

He adds that financing has been tougher for some people this year, as the unemployment rate is still high and banks are being more thorough when looking over applications.

Cline says realtors are still maintaining the guidelines the government set out earlier this year, with viewings limited, more virtual viewing options, providing masks and hand sanitizer, and thoroughly cleaning and sanitizing spaces that people see.