Home sales dropped a staggering 40 per cent in Grande Prairie last month. 164 units were sold, down from 274 in May of 2015.
The average price for a house was also down 4.5 per cent from $330,000 to $315,000 last month. It’s down 6.6 per cent over the fist five months of last year.
Year-to-date, sales through the Grande Prairie Real Estate Board are down by 28 per cent, second only to Lloydminster at 33 per cent. Overall Alberta has seen its own decrease of 10.2 per cent since this time last year.
The Canadian Real Estate Association says that while homes sales across the country started off strong, they’re expected to slow down in the second half of the year. It adds Alberta should continue to struggle like other provinces tied to natural resources industries. That means continued low home prices.