New homes in Edmonton see largest price drop in Canada

If you’re in the market to buy a home, Edmonton seems like the place to do it.

New data released by the Canada Mortgage and Housing Corporation shows that homes in Alberta’s capital city recorded the largest month-over-month price drop in the country (-0.8 per cent) in July.

Single-family home starts were down more than 25 per cent (25.2%) in July compared to the same month in 2018.

In the last five years, new home prices have actually decreased in Edmonton, falling from $476,261 in 2013 to $458,320 in 2018, according to CMHC.

CMHC Edmonton home prices report July 2019

(Canadian Mortgage and Housing Corporation, Sept. 2019)

It pointed out lower demand coincided with Edmonton’s July unemployment rate of 7.5 per cent, which hasn’t been that high since October 2017.

The government agency says “the oversupply of homes, combined with unfavourable market conditions, continued to lower new house prices” in several Canadian cities including Edmonton.

It said the price drop has local builders offering promotions and rebates to try to stimulate the market.

Read the full report on Statistic Canada’s website