Despite the economic challenges in Alberta, the Edmonton property market showed stability in 2016 with prices not falling significantly amid lower inventory.

Edmonton Real Estate Board reports that condo prices slipped 0.53 per cent over the year with single-family home prices down 0.86 per cent. There was a larger price decrease for duplexes and rowhouses of 5.22 per cent compared to 2015.

Sales were down to 16,170 from 17,325 in 2015 over the year but saw a small increase (0.53 per cent) in December with inventory down 2.4 per cent compared to a year earlier.

“2016 was a steady year for real estate in Edmonton and many of the surrounding communities. The ongoing economic instability certainly affected unit sales and inventory, but sale prices have continued to hold,” said James Mabey, Realtors Association of Edmonton Chair.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: