These three Alberta cities are seeing the largest drop in house sales
The real estate market in many spots in Alberta is sputtering a bit, and some cities are seeing a hefty drop in their overall house 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 Red Deer has seen a 13 per cent drop in sales, while the City of Calgary saw a 15.5 per cent decline.
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Besting Red Deer and Calgary, the City of Edmonton led the pack with a 19.6 per cent decline in sales year-over-year.
The City of Medicine Hat is also seeing a year-over-year decline in sales, registering a 9.4 per cent dip. Just the City of Lethbridge and Fort McMurray are in positive territory, with a 4.1 and 25 per cent year-over-year increase in sales, respectively.
Looking at statistics for all of Alberta, the AREA stated that May saw a 12.2 per cent year-over-year drop in sales with the biggest drops seen in row housing and apartments for the thirteenth consecutive month. New listings decreased by 3.8 per cent year-over-year. Inventory increased 2.1 per cent year over year. The sales-to-new listings fell to 54 per cent.
There were 2.87 months of supply in May, up 16.5 per cent year-over-year. Calgary and Edmonton are continuing to see a loosening of supplies, while Grande Prairie has the tightest conditions in the province, having 1.4 months of supply. There were notable increases in months of supply in Red Deer (56 per cent), Medicine Hat (47 per cent) and Edmonton (36 per cent), but a significant drop in Fort McMurray (-38 per cent). All regions experienced year-to- date average price growth, rising the most for Lethbridge (+10 per cent) and Fort McMurray (+9 per cent).
You can view the full statistics online.