The short-term year-over-year house price change expectation for Calgary and Edmonton has been “falling,” according to a report released on Wednesday by the Conference Board of Canada.

In its Metropolitan Resale Snapshot, the organization said only Regina was also included in that category of all the market across the country.

The report said “Calgary’s market remains weak.”

It classified Calgary as being in a buyer’s market with the annual rate of sales in July of 20,280, which is down 8.2 per cent year over year.

Edmonton was also classified as a buyer’s market with the annual sales rate of 18,000, down 2.3 per cent from a year ago.

“Sales levelled further in July, as effects from the federal government’s mortgage stress test continued to subside. Between June and July, transactions advanced in 18 of 29 areas, with eight of these markets enjoying at least a five per cent increase. B.C. markets enjoyed stable to higher volumes, with Fraser Valley sales rebounding from a June slump,” said the report.

“Calgary’s market remains weak, but Saskatoon volumes hit a six-month high. Sales eased in Winnipeg. Transactions also rose in Toronto for the third straight month and were generally up around the Golden Horseshoe. Volumes were up in alI Southern Ontario cities outside this region. Sales were stable in Montréal but jumped in Saint John. Still, volumes remain well behind year-earlier levels in 17 of our cities, led by big drops in B.C. and some Ontario cities.”

Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.

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