The local housing market hasn’t seen much movement within the last year, and experts say it’s a buyer’s market.
A broker with Remax Bonnyville Realty, Vince Kelly, noted that while people may take a loss in town, they can make it up by purchasing locally.
“A buyer is taking a hit, but they’re recouping equity, if not more, on a purchase,” Kelly said, adding the market is down about 30 per cent since 2014, and families looking to upgrade can get more for less.
Realtor Gerry Storoschuk with Royal LePage Northern Lights Realty, said the average house price has dropped by roughly $100,000 from previous years.
“We don’t dictate the price as realtors; the market dictates the price, unfortunately. Everybody has their own reasons for trying to sell for less or meeting whatever criteria in what life is at this point,” Storoschuk explained.
“I think that it’s going to get better, and people are going to realize that this is now the new norm. People that were holding back (on purchasing), I think they’re going to realize that this is it. This is where we’re going to be for a while... I think the people holding back, and living in apartments, I think now is the time for them to buy. Interest rates are down, and they will be climbing,” detailed Brenda Haney, realtor for Panache Realty in Bonnyville. “I think they’re going to realize... prices are at their best right now, and it’s a good time to buy.”
Storoschuk is also hopeful 2019 will have a better market for housing.
“I think it will be flat, and I’m hoping that we’ve bottomed out. I’m hoping with a new government, we’ll build a little bit of confidence,” he said.
With this in mind, Kelly believes it’s the perfect time to take the plunge.
“The market is stable and it’s a great time to buy, especially for first-time home buyers, going into the market at these prices are a real advantage.”
On average, homes listed for sale in Bonnyville spent over 160 days on the market in 2018. In the region, that number climbs to 180 days.
“It’s longer than we’re used to, but I think it’s our new normal and it just takes some adjusting,” Kelly said.
To get into a home in Bonnyville, the average price ranges from $200,000 to over $300,000.
The average selling price for Panache Realty in 2018 was $291,290. Prices ranged anywhere from $78,000 to $490,000.
Haney said, “We have to see stability. The prices have still dropped from last year to this year, so before anything can increase you have to have a levelling off period, a stabilization period before you see growth. We need some stabilization and, hopefully, within the next couple of years we’ll see some stabilization and go from there.”
While the number of listings have decreased for some over the years, the reasons why are similar.
“We’ve come down in the winter months. Obviously, people are selling or taking their properties off the market,” Kelly noted.
Storoschuk said their listings are within 10 per cent of their numbers over the past three years, with similar reasons as Kelly’s.
Local housing experts remain hopeful the market will see an upswing in 2019, and that prices won’t fall any further.
