Grande Prairie
Grande Prairie is the city of northwest Alberta, Canada. Islam is the largest non-Christian religion constituting 0.9 percent of the population. This city has made a big jump in the annual rankings of Canada’s best places for living. Moneysense survey has rated the country 90th and the city of Grande Prairie 39th out of the 515 communities with over 9,000 residents.
Real estate outlook for 2021
Even though 2020 brought big economic challenges, a banner year has been made by the city. The rate of the mortgage is bottomed out, the demand of buyers has surged and the prices of the homes are responding accordingly. If we take into account the industry experts then there is a solid agreement that the prices of houses will keep rising.
There is also a wave of foreclosures that are coming out next year. Many foreclosures have expired already and the options of mortgage relief are run out, the lenders are planning to start to foreclose on borrowers which are not settled yet.
Prices rising or stable outlook
The residential constructions in the region of Grande Prairie increased by 30%in 2012 as the constructions started rose in 2011 from 38,818 to 50,606 in 2012. In 2013 it was expected that the economy of the city would expand but the growth was moderate because the housing starts to almost 47,200 units.
The economic gap between the provinces of Grande Prairie and many other jurisdictions narrowed. But due to the demand, the construction was started again with ease by 2013. After difficulties in the economy of the city, there was a bright future for Grande Prairie in 2020. Positive growth in the National housing market of the city was expected by the economists in 2020, which is supported by low mortgage rates, a rising population, and a solid job market.
Market growth and stability:
Grande Prairie is in an unavoidable economic position with many large public and private projects in the city. This includes many new schools, a new regional hospital, a petrochemical plant, and many ongoing projects in the energy infrastructure. These new constructions and developments in the region total approximately $7.3 billion.
The market is affordable with many ongoing and new projects. There is a large number of developing projects in Grande Prairie including the National Grande Prairie Methanol Plant that has a total; the cost of $2,000,000,000, 2021, NGTL System Expansion projects that have the cost of $1,500,000,000, Peace Pipeline Expansion Phase 7 that has a total cost of $950,000,000 and also many other projects.
Is the real estate market growing?
The local real estate market of Grande Prairie city is affordable. Prices of the homes remain low to the average income of households. In contrast to both major urban centers and similarly-sized cities, the overall cost of living remains comparatively low. Value of the residential permits has increased from 2013 with $118,074,643 to 2018 with $59,096,824.
