These four Alberta cities are seeing the biggest drop in house sales
The red-hot real estate market in many spots in Alberta is waning, and some cities are seeing a big drop in their overall houseĀ sales year-over-year.
According to market statistics from the Alberta Real Estate Association (AREA), just a handful of places are seeing a rise in sales, while others are seeing a drop of more than 10 per cent.
Year-over-year data revealed that the City of Calgary has seen an 11.2 per cent drop in sales, while the City of Edmonton saw an 11.7 per cent decline.
City of Grande Prairie/Facebook
Besting Calgary and Edmonton, Red Deer has seen an 18.5 per cent decline in sales year-over-year, while Grande Prairie led the pack with a whopping 35 per cent decline in sales year-over-year.
Fort McMurray and Lethbridge are also seeing a year-over-year decline in sales, registering a 5.3 and a 2.9 per cent dip, respectively. Just Medicine Hat is in positive territory, with a 12.9 per cent year-over-year increase in sales.
Looking at statistics for all of Alberta, the AREA stated thatĀ February saw a 9.2 per cent year-over-year drop in sales, with the biggest drops seen in row housing and apartments. New listings increased by 3.5 per cent year-over-year. Inventory increased 10.6 per cent year over year. The sales-to-new listings rose to 56 per cent.
There were 3.24 months of supply in February, up 22.1 per cent year-over-year. Calgary and Edmonton are continuing to see a loosening of supplies, while Medicine Hat has the tightest conditions in the province, having 1.28 months of supply. Red Deer rose significantly (79 per cent) to 2.35 months. All regions experienced year-to-date average price growth, rising the most for Lethbridge (+15 per cent) and Medicine Hat (+9 per cent).
You can view the full statistics online.