The downturn in Calgary’s housing market due to the oil slump will continue in the short-term according to a new report. The Conference Board of Canada’s Metro Resale Snapshot shows a 35.9 per cent year-over-year drop in MLS sales (annual seasonally-adjusted rate) to 23,400 units with listings down 12.9 per cent and average prices down 4.3 per cent to $446,848.

Senior economist Robin Wiebe’s assessment is that the resale market is balanced with a ratio of sales to new listings of 0.534. Sales in October were up 2.1 per cent with prices down 0.3 per cent compared with the previous month.

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