Sales are falling across Canada while listings are surging in western Canada. Could it be the record cold winter where people just weren't interested in checking what was on the market? I think in Edmonton it's a lot of investors testing the water to see what the property they bought last year is actually worth or what they pull out with.
“Canada's six-year housing market boom is officially over. Aside from a few choice prairie locales, sales are melting faster than this year's snowpack,” Douglas Porter, deputy chief economist at BMO Nesbitt Burns
I'm not sure I agree with that blanket statement but I know this year is not the year to put your house on the market. Talking with a friend the other day she was certain she could get $450,000 for a property in Edmonton that frankly would pull 25% less with buyer incentives (vendor take backs, assumable etc). Her local "real estate expert" said put the house on the market and you will get whatever you ask.
Seems like a good example of why sales are dropping; with expectations like these no one will close the deal.
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