Grande Prairie Real Estate - Homes for sale - Houses for sale - Townhouse, Duplex for sale, MLS listings - Grande Prairie Investments
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2018 GRANDE PRAIRIE REAL ESTATE - ROYAL LePAGE


GRANDE PRAIRIE

ALBERTA, CANADA

Grande Prairie
Joan Prankie, John Krol, Dale Williams and Brooks Hoffos are some of the top Real Estate people in Grande Prairie. Check out their listings on this page as well as their websites for more listings.



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Homes for sale in Grande Prairie and area.
According to John Krol, Royal LePage Grande Prairie, the median age of a first-time home buyer is 31 and the median age of repeat buyer is 52.

SELLING YOUR HOME
Getting the most for your home depends a lot on how it looks. First impressions! Having your home clean and tidy is probably one of the most important things to do. A garbage bag full of debris by the kitchen door, or a sink full of unwashed dishes are big turn-offs as well as broken blinds, damaged walls. Sometimes a bit of plaster and paint can make a world of difference on the presentation of the home to get your home sold faster.

BUYING A HOME
One of the first things to do is to determine the maximum home price based on your financial situation. Make a list of things you would like to see in your new home. (more bathrooms, a garage, bigger yard etc). Most people require the assistance of a Real Estate Agent to help in viewing potential properties and also preparing the proper paperwork when purchasing the property.


HISTORY - TRENDS
The Grande Prairie Real Estate Market has seen some unusual changes in recent years. (2005-2006) With so many jobs and not enough people to fill the positions, there was an influx of people moving to Grande Prairie. Homes couldn't be built fast enough as most of the homes on the market sold quickly. At the peak of the crunch, many properties were sold before the Grande Prairie Real Estate agents could put up a "For Sale" sign.

More carpenters, more roofers, more plumbers, more electricians etc were needed. Getting people to work was one problem, getting them a place to live was a much bigger problem. Some families ended up in a one room hotel for months because they couldn't find a home to live in. There were a few months when houses were selling higher than the listed price. Increases of $10,000 to $15,000 per month were seen on some new homes. Nearby hamlets and towns also seen price increases as well.

With the shortage of homes for sale in the Grande Prairie Real Estate Market, it also affected the amount of available rentals on the market. Prices of apartments and other rentals started to increase rapidly. There were many people who now could not afford the cost of rent and for the first time, Grande Prairie started to see a large number of people living in RVs year-round at nearby campgrounds.

In the summer of 2007 there were signs of the market leveling out. There was now more supply of homes on the market and for the first time in years we seen homes advertised with "reduced prices, eager to sell". The market was now separating the real sellers from the speculators.

May 2007- The Alberta Government has introduced new laws pertaining to rent increases. For many years rent increases could be done 2 times a year and had to have the 90 days notice of rent increase to the tenant. The new law states only 1 increase can be made per year. This however does not regulate the amount of the increase. If a landlord is converting an apartment building into condominiums, each tenant must be given one years notice.

Dec 2007- Grande Prairie has now the highest "apartment " vacancy rates in Alberta with 4.9%. That compares to .01% a year earlier. One of the reasons why there was such an increase, is that there had been a large number of apartments under construction and recently were completed flooding the market. (Canadian Mortgage Housing corporation did a Rental Market Survey of apartments only). Checking the classifieds of the Grande Prairie Daily Herald Tribune, there seems to be more rentals available and the prices have started to fall. Those units that are still well over-priced are now sitting on the market with no tenants. Not a good situation for some investors who came in the market late when it was high and who now need a certain "high price" to pay the mortgage.
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GRANDE PRAIRIE REAL ESTATE
Homes for sale in Grande Prairie, in northern Alberta

Nov 2018: The Bank of Canada increased interest rates by .25% to 1.75% on October 24, 2018. This is the 5th increase since mid 2017 and a total increase of 1.25% since then. This affects the cost of borrowing and mortgage rates.

July 2018: The Bank of Canada delivers another interest rate hike. The trendsetting policy rate increase from 1.25% to 1.5% and was the fourth rate increase in the last 12 months. This will affect all loans and mortgages.

June 2018: Mortgage Borrowing hits a 4-Year Low in Canada. It fell by $2 billion since last quarter of 2017. Interest rates were raised three times over the last year and it is expected to be raised again next month.

May 2018: Grande Prairie is still behind 2017 new housing starts. So far there has been only 24 new homes under construction. In April alone there were 10 housing starts including seven single family homes and three multiple units. It is the 2nd slowest year in a decade for new home construction.

Mar 2018: Alberta home starts drop year over year which include cities of Grande Prairie, Red Deer and Lethbridge. Overall there were 1,693 starts in February 2018 compared to 1,926 starts in February 2017.

Jan 2018: Bank of Canada raises interest rate January 17th. The benchmark interest rate goes up from 1% to 1.25% on the back of a strong Canadian economy. This will affect mortgage rates.

Jan 2018: New rules on mortgage lending takes effect in January, that set a new minimum qualifying rate "stress test" for uninsured mortgages. The rules affect those putting 20% or greater downpayments. Talk to your real estate agent or mortgage lender for more details.

Oct 2017: There have been 115 single family home starts in Grande Prairie so far in 2017 up from 70 over the same time last year. There has been a drop in multi-unit construction. Last year at this time there were 178 and this year there are only 151 starts.

July 2017: The Bank of Canada raised interest rates for the first time in seven years. The rate increased a 1/4 percentage point from 0.5% to 0.75%. This has affected an increase in the prime rates that will affect the cost of variable rate mortgages, credit lines and student loans.

April 2017: Real Estate Sales were up 34 per cent in the first quarter of 2017 compared to 2016. The average price of a home in Grande Prairie was also increased to $321,000 compared to $307,000 over the same quarter.

Feb 2017: Chief economist at ATB Financial says 2017 will be a rebound year in Alberta with jobs in the energy sector improving in the second half of the year. Agriculture should perform well, but the forestry industry won't have news til the U.S. Softwood Lumber Agreement is renegotiated. Unemployment should remain close to 9% for most of the year.


Dec 2016: As of October the Annual MLS Sales overall for the Grande Prairie Market is the lowest it has been in the last 10 years. If you don't include the years between 2011 to 2015, then the numbers are just slightly lower than 2009 and 2010.

Oct 2016: Home sales in Grande Prairie in September are down by 34.3 per cent from the same month in 2015. Only 159 units were sold in September. The average price of a residential home sold in Grande Prairie was $283,816 which is down by 12.7 per cent from the same time last year.

July 2016: The number of homes sold in Grande Prairie through MLS is down in July by 31.4% compared to July last year. On a year to date, home sales declined by 28.25 from the first 7 months of 2015. In Alberta residential sales were down in July by 16 % compared to July 2015.

June 2016: New home starts were up in the first five months of this year in Grande Prairie, double the same for period of last year. This year there were 126 compared to only 65 home starts last year. Multi unit have increased to 91 from 24 but single family home starts were down from 41 to 35 starts last year.

April 2016: There has been a spike in foreign ownership of homes built in Toronto and Vancouver. In Toronto there were less than 2% before 1990 and jumped to 7% since 2010. Vancouver had 2% before 1990 and 6% since 2010.March 2016: LOCAL HOUSING STARTS DOWN IN FEBRUARY. There were only four single detached home starts in February this year in Grande Prairie compared to thirteen last year. There were only two Multi-family Housing starts compared to four last year. Overall in Canada housing starts were up from 165,071 to 212,594.

DOWNPAYMENT INCREASE IN JANUARY 2016
Dec 2015: The Federal government is increasing the minimum downpayment for homes that are $500,000 and over to 10 per cent down payment. Anything below that amount will remain at 5%. While it may help cool down the housing market in Toronto and Vancouver, the market in Grande Prairie has already cooled.


PEACE REGION NUMBERS ARE DOWN FOR NEW HOMES
Nov 2015: In the Peace Region housing starts are down 74% this October for single family house starts compared to last October 2014. Year to date new-housing starts are down 49%.

HOUSING STARTS DECREASE IN GRANDE PRAIRIE
Oct 2015: For the 6th month in succession the the number of housing starts have decreased as in September alone, starts declined by 12%. Year to-to-date the total housing starts are down by 41.6% compared to last year over the same period. House prices are also dropping a bit.

SLUMP IN HOUSING STARTS IN GRANDE PRAIRIE
Aug 2015: So far this year there were 76 starts for the first half of 2015 which is a decrease or 59%. Builders are now offering some good deals to reduce their inventory.

BANK OF CANADA CUTS RATES AGAIN
July 2015: The interest rate has been slashed by 25 basis points to 0.5% to help the economy grow in 2015. This is the 2nd cut this year, as in January the rate was cut by 25 basis points from 1% to .75%


MORE RENTAL UNITS COMING ON THE MARKET
June 2015: The Vacancy rate for Grande Prairie was 2.6% for April 2015 compared to 1.3% last year. The average rent for a 2 bedroom home is $1,216 per month compared to $1,173 last year. With home prices decreasing in the last few months, the monthly rent rates should also be coming down as well.


STARTS DOWN BUT PRICES INCREASE
June 2015: Despite the market slowdown the average sale price of a home in Grande Prairie increased in April by 9.6% from a year ago. From January to April the prices are 1.3% higher than the same time in 2014.


HOME STARTS ARE DOWN IN GRANDE PRAIRIE
April 2015: There were only 3 new single family housing starts in April which brings the total so far this year at 29 new starts. Last year at this time there were a total of 55. Over all housing starts are up across Alberta for the first 3 months of 2015.

HOUSE PRICES DROPPING IN GRANDE PRAIRIE
March 2015: Many Realtors in Grande Prairie have been advising their clients who have their homes listed to drop their prices to encourage a quicker sale. Many are predicting house prices will continue to drop throughout the year due to the drop in oil prices and a number of people losing their jobs.


HOMEBUILDERS CAUTIOUS
FEB 2015: Homebuilders in Grande Prairie are a bit cautious going forward. In January this year there were only 2 housing starts compared to 23 in January 2014. The February over-all sales numbers show a 37.6 per cent drop in sales which means 86 less homes were sold in February compared to the same month last year.


BANK OF CANADA REDUCES RATE
Jan 2015: The Bank of Canada reduced its interest rate from 1% to .75% on January 21, 2015. The dollar and oil prices have been dropping since July and the lower bank rate is hoped to stimulate spending. A week later the Royal Bank was the first to reduce its prime lending rate.


NEW HOME CONSTRUCTION ANTICIPATED TO SLOW IN GRANDE PRAIRIE
Jan, 2015: Some of the new home builders are reducing the amount of new home starts this spring because of the slumping oil prices. There are a number of spec homes still to be completed but going forward they are being more careful on having too much inventory.

HOME SALES UP IN AUGUST - GRANDE PRAIRIE
Sept 2014: There were 275 units sold in August in Grande Prairie, which is up 3% over last year at this time. According to the Canadian Real Estate Association, this was the best August sales figure on record for this area. So far this year 2,350 homes were sold, which is up 16% for the same period last year. The average home in Grande Prairie sold for $312,015 while the provincial average was $397,701.


Alberta REAL ESTATE MARKET SETTING NEW RECORDS
July 2014: So far this year, Grande Prairie Real Estate sales are 21% ahead of the first half of 2013. The average price of a home in Grande Prairie sold in June for $325,715 which is up 8% over last year at this time.


HOME SALES JUMP IN APRIL FOR ALL OF ALBERTA
May 2014: Residential sales in Alberta rose 12% in April from the same month a year previous. This was the strongest sales figure since 2007. A total of 7,304 homes were sold in April in Alberta. In Grande Prairie the Residential Average Price of a home sold in April was $303,121.


HOME SALES DOWN IN JANUARY IN GRANDE PRAIRIE !
Feb 2014: Home sales in January 2014 in Grande Prairie is less than last year at that time. About 168 homes were sold this year which is a decrease of 1% and the average price of a home was $324,385 which was up by 23%.

HOUSING STARTS UP SLIGHTLY IN GRANDE PRAIRIE
Feb 2014: According to Canada Mortgage and Housing, housing starts were up slightly in January of this year. There were 23 single-family starts in January compared to 9 in January of 2013. There were no multi-family starts last month but if you look at January 2013 there were 9 starts.



$224,900 - Dunes West - Lot 37 – 703013 Rge Rd 64 County of Grande Prairie, Alberta
MLS # L119226
Beautiful 2.5 acre building lot has trees, at the front, for privacy, and an open area, at the back, to build your dream home. Acreage is close to Crown land grazing lease and the Wapiti River Valley. County zoning is CR-5. You will enjoy being close to Wapiti Nordic Ski Trails, and will be just minutes south of Grande Prairie, in a serene country setting that has many beautiful acreages already well established. Natural gas and power are at the property line, and Aquatera water line passes the property, so there is no need to drill a well. GST will be added to purchase price. Call Joan Prankie @ 780-518-9600 for viewing.

Joan Prankie website

$425,000 - 78474 RR 71 Road, Saddle Hills County
MLS #  L126855
Beautiful wood home on large landscaped lot for sale! This home features cedar siding and shakes, a lovely patio and has been extremely well maintained. Step in to see Brazilian cheery engineered hard wood floors, new windows, and in the kitchen, new Granite counter-tops. Further upgrades include a new furnace and hot water tank. The yard is beautifully landscaped and includes a large 32x30 foot garage with huge 12 ft doors. Finally, there is a gorgeous maintenance free deck with composite decking and aluminum railing. This property is 25 acres. Call John Krol 780-814-1589 to view.
John Krol website

$269,000 - 8449-101 Avenue, Grande Prairie, Alberta
MLS # L129779
Look here first if you are wanting an excellent opportunity to begin or expand your investment portfolio! WAIT! Keep reading if you are wanting to own instead of rent or are downsizing! This will work great for you, too. Modern styling abounds in this striking, 3 bedroom, 1.5 bathroom duplex. Stainless steel appliances, cooking island in kitchen with dishwasher & sink, open concept design and main floor great room leading to large backyard deck, vinyl plank & tile flooring are just a few of the highlights of this prize property. Upstairs master bedroom & second bedroom both have the much-loved walk-in closet. High efficiency furnace, HWT, and energy efficient windows help out with the bills, especially in winter. Downstairs is undeveloped with laundry area & ample storage space. Home backs onto open space. Attached single car garage. Other side of duplex listed for sale as well Call John Krol 780-814-1589 to view.
John Krol website


$625,000 - 10813 – 101 Street, Grande Prairie, Alberta
MLS # L131811
Concrete block commercial building, in Avondale area, is in excellent condition. This property provides an opportunity for a wide variety of uses. The building is currently set up as a dance studio, so it has special flooring features designed for this use. Raised flooring can be removed, to expose original floor, if buyer chooses a different use. Eight paved parking spaces are available. City laneways on the south and east sides of the building provide very easy access. Two stairways to the upper level gives the option to split this space into two separate areas. Main floor can also be used separately, as there are access doors to each side from the front foyer area, and separate doors at the back. You will be impressed with the quality of this building! Call Joan Prankie @ 780-518-9600 for more details.

Joan Prankie website


$14.00 - 9715 105 St #108, Grande Prairie
MLS # L125699
Easily accessible business location at Creekside Business Condominiums in Westside. Currently set up fully as office space with access to back yard, however does have overhead door still in place. Rear yard is fully fenced. Rent $2013/mth, additional rent $1124/mth. Total $3137/mth plus GST. Contact either Brooks Hoffos at 780-831-9499 or Dale Williams 780-832-5555. For more current listings check our website TheWilliamsHoffosTeam.ca

Brooks Hoffos - Dale WIlliams


$725,000 - 745020 RR84
County of Grande Prairie
MLS # L126130
A truly one of a kind property. 17 acres with corral fence, 2 livestock shelters, automatic waterer & dugout. A 90yr old barn w/misc granaries, pole shed, Quonset w/ workshop & greenhouse. Large garden area complete w/Raspberries, Strawberries, Saskatoon & Haskap berries. A backyard pond complete w/ Dock. The 2500+ sq/ft custom 2 story home w/double car garage sits perched at the top of a hill & boosts incredible views of a lake, mountains & the most amazing sunsets. Kitchen has a walk in pantry, window herb garden, commercial range hood & 7 appliances. There is also a Breakfast nook, formal Dining Room, Open Living Rm complete w/wood Burning Fireplace, barnwood feature Wall so much more. Completing the main floor are a powder room, office/Bedroom & spacious entry. 2nd Floor features a Master Bdrm w/stainless & concrete fireplace, barnwood feature wall, lg walk in closet w/ ladder & a full 5 pc ensuite.

Brooks Hoffos - Dale WIlliams




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