Reported by DArcy Donald, REALTOR, CRS, Associate Broker C-CREC
Updated July 8, 2008.
Current Market Rating: 2
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Buyer's
Seller's
Current Price Trend: 2
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Falling
Rising
The Grande Prairie market is still in the process of balancing. Excess inventory is being absorbed and the new home builders have substantially reduced the number of new starts. We are starting to see some firming of new home prices off the lowes of January / February of this year.
The multi unit market continues to be under pressure due to the large volume of units being offered. In my opinion it is going to take up to 12 months for this sector to rebound.
The rental market is off substantially with vacancy rates of approximately 7% plus and rents down substantially from their highs of a year and a half ago.
We continue to see buyers entering the market and taking advantage of the reduced prices.
For further information on how to buy in this market contact me at 538-0500 or toll free at 1-800-385-8812 or by e-mail: DArcy@DArcyDonaldRealty.Com
ZIP Codes: T8W, 2E1 Approximate Location Boundaries: West to B.C. border, North to Spirit River, East to Valleyview and South to Grovedale
Location Characteristics: Grande Prairie is a city of approximately 50,000 located four and 1/2 hours north and west of Edmonton. The City is a regional trading center and has a significant retail presence along with providing a central location for forestry, pulp & paper, oil & natural gas and extensive farming operations.
