Nationally, the average house value in Canada has dropped 10 percent, however, Airdrie's housing market remains almost unmoved.
First quarter sales totalled 264 units in Airdrie, that number is slightly lower than last year but compared to the long-term average. New listings remained well above the long-term average which are keeping inventories at record level highs on a quarterly basis.
According to Tammy Forrest, Real Estate Agent for Remax First, because of the new rules implemented this year, it's making buying and selling homes harder on Airdrie residents.
"Since January the stringent borrowing conditions have made things way more difficult for buyers which makes things more difficult for sellers."
Excess supply of real estate weighed on home prices. The unadjusted benchmark price for detached homes in Airdrie in the first quarter averaged $373,167. That number is one percent below the previous quarter.
Overall prices in the detached sector remain five percent below previous highs.
Forrest says that Spring is the most active market in real estate which contributes to an excess of inventory.
Questions, comments or story ideas? email us at [email protected]