Alberta will experience one more year of declining MLS residential sales before climbing back to positive territory, according to the Canadian Real Estate Association.
In a forecast report, CREA predicted sales in the province will drop year over year by 0.9 per cent in 2019 to 52,800, following an annual decline of 7.2 per cent in 2018.
But MLS activity is expected to rebound in 2020 with sales increasing by 4.7 per cent to 55,300.
However, the increased sales activity won’t prevent the further erosion of house prices in Alberta.
In 2018, the average MLS sales price fell by 2.6 per cent to $387,500 and CREA says the province can expect a further decline of 2.8 per cent this year to $376,800 and another 1.2 per cent drop in 2020 to $372,300.