Real estate is on the rebound in the Swan City.
Sales were up 34 per cent in the first quarter of 2017 compared to the first quarter of 2016.
According to Brent North with RE/MAX in Grande Prairie, it’s mostly locals that are scooping up homes.
“What’s driving our market are the people that are already here,” he said. “They know that they’ve got some job certainty now, where the past two years that job certainty may not have been there. Now we’re seeing the wave of first-time home buyers coming into the market.”
He adds increased activity in the oil and gas industry is also playing a role in the spike of GP home sales.
The average home in Grande Prairie is up to $321,000, compared to $307,000 during the first quarter of last year. In Edmonton, the average cost is $364,473, while in Calgary it’s $482,065.
When asked, North anticipated the upward trend in Grande Prairie to continue down the road.
“We’re headed towards a balanced market, which I think we will enjoy probably through the early summer here until the late summer, maybe the early fall. I think from there we’re going to start to see a bit of a price increase.”
The urban centre with the most expensive average price for a home in the first quarter of 2017 is Oakville, Ontario at $1,313,477.