Richard Froese
South Peace News
The real estate market in the Peace River region is expected to be more active this year after challenges last year, says one local realtor.
RE/MAX Northern Realty associate/owner Layne Gardner expects a strong year in 2025 after an upward trend at the end of 2024.
“Alberta continues to outperform the rest of the provinces in Canada and is forecast to do so this year,” Gardner says.
“So despite the potential for some bad news, real estate should remain robust through 2025.”
Moving forward, he predicts turbulent times in the short term amidst change in political leadership in the United States with new President Donald Trump and a new prime minister for Canada in the coming months.
“As we continue through 2025, the threat of tariffs by the United States, the recent resignation of Prime Minister Justin Trudeau and the resulting leadership race of the Liberal party, and a federal election will all create some uncertainty when it comes to real estate,” Gardner says.
Last year saw a real estate market very different from 2023, he says.
“Whereas 2023 started off strong, 2024 had a slower start, much of it attributed to higher interest rates,” Gardner says.
“As the year went on and interest rates decreased, sales actively rose accordingly.
“In fact, December sales in Peace River were one of the strongest for that month in recent years.”
He reports 17 sales in December, compared to seven in December 2023.
The lack of residential rental properties was increased by two devastating apartment fires in Peace River which likely forced some renters into purchasing a home, he says.
Overall sales in the town of Peace River increased by 14.29 per cent in 2024 with 128 sales compared to 112 in 2023.
Ironically, Peace River and the Falher- McLennan region saw the same percentage of increase.
The Smoky River region recorded 64 sales compared to 56 in 2023.
Sales in Falher alone increased by 27.78 per cent in 2024 with 23 sales compared to 18 in 2023.
Overall sales in Northern Sunrise County increased by 35 per cent in 2024 with 27 sales compared to 20 in 2023.
Overall sales in the M.D. of Northern Lights increased by 22.03 per cent in 2024 with 72 sales compared to 59 in 2023.
Overall sales in the M.D. of Peace increased by 7.49 per cent in 2024 with 201 sales compared to 187 in 2023.
Potential economic opportunities in the wider region has sparked interest in the local region that could boost real estate in the coming months and years, he says.
“Stronger economic activity and increased optimism also led to enhanced real estate activity,” Gardner says.
“Recent announcements of potential development of the world’s largest AI data centre in the M.D. of Greenview, along with continued conversations about potential development of a nuclear power plant in the Peace Country will continue to draw attention to our region and potential outside investment.”
Commercial interest in Peace River specifically certainly increased in 2024 after word of the nuclear plant started to spread, he notes.
Alberta also reported some of the largest immigration and inter-provincial migration numbers in the past few years, which is putting pressure on local real estate markets.
“This could lead to inventory issues and supply shortages, which in turn could cause prices to increase,” Gardner says