Hello & Happy New Year to you! It looks like all of us here in Grande Prairie are having a great start to 2018, as recent data suggests that the economy is on its way up and Grande Prairie appears to be back in business.
Here are some interesting statistics provided by the Grande Prairie Economic Development Department regarding housing, employment and commodity forecasting.
2,231 home were sold in Grande Prairie last year, a 27% increase over 2016. The average home price remained steady at $293,935, significantly lower than the provincial average of $398,128 and the national average if $510,179
There were 146 single-family and 48 multi-family starts in Grande Prairie last year, compared to 108 and 126 respectively.
1,020 building permits were issued in Grande Prairie last year, a 16% increase over 2016. 36 permits worth $1.78 million were issued in December.
The unemployment rate in Grande Prairie's economic region increased slightly from 5.6% in November to 6.0% last month. Provincially, the unemployment rate decreased from 6.8% to 6.7%.
There were 541 full-time equivalent jobs posted in Grande Prairie last month.
961 drilling licenses were issued in Grande Prairie last year, a 34% increase over 2016.
The year had a strong close with 143 licenses issued in December, a 59% increase over December 2016. These licenses represent wells that will be completed in 2018.
55% of the licenses issued last year were for gas, 39% for oil and the remaining 6% for bitumen and other industry related drilling.
Completions were up 48% with 843 completions in 2017 compared to 569 in 2016.
GRANDE PRAIRIE ECONOMIC INDICATORS
Hope you have found this information to be of interest! If you require any more specific information pertaining to residential real estate please do not hesitate to contact me!
Sources – CBC News, City of Grande Prairie & Statistics Canada