Market Report: March 2019

Posted on April 08, 2019 by AREA Staff in Market Analysis, Statistics

Oversupplied market weighs on prices

Driven by slower activity in the three largest regions of the province, Alberta’s sales in March eased by
nearly six per cent compared to last year. After the first quarter, sales have declined by nearly 10 per cent compared to last year and is the slowest amount of activity since 2009.

While new listings are starting to adjust to the slower sales activity, it was not enough to prevent further gains in inventory. Provincially there continues to be more housing supply than demand causing further price declines. At the end of the first quarter prices eased by four per cent compared to last year.

The slow start to the housing market this year is expected as the provincial economy continues to struggle with weak economic conditions. At the same time uncertainty regarding future prospects in Alberta continues to weigh on consumers.

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The data provided herein data is compiled by AREA's Chief Economist and may not perfectly reflect the data reported by a Board/Association. For more specific information, please contact the local Board/Association representing your area of interest. Click here for a guideline of Board/Association boundaries.

AREA represents more than 10,500 REALTORS^® and 10 real estate Boards/Associations province-wide and provides world-class leadership that positively shapes the Alberta real estate profession, enhances member professionalism, and reinforces the critical value REALTORS^® deliver to both buyers and sellers.

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