New housing numbers released Monday by the Calgary Real Estate Board suggest housing market is down.
The number of home sales in Calgary have fallen and listings have doubled which means prices are also on the way down.
Sales in February of this year are down by one third compared to last year and the number of listings more than doubled causing prices to fall by four percent.
The reason for the decline is the fall of oil prices.
John Andrews is a real estate expert from Queen’s University and he says a lot of people are listing their homes out of fear, but says they may have already missed out on getting the price they hoped.
“They're going to hold on for a few months at that price and then reality is going to kick in, and in some cases a bit of desperation, “ said Andrews.
Canada Mortgage and Housing Corporation is still predicting home prices will rise this year and says interest from buyers is still there.
(with files from Scott McLean)
