Looks like the boom has gone bust in Edmonton:
â€œThereâ€™s no sense reducing any product by 5% because it just doesnâ€™t work. Weâ€™re seeing reductions of 10% and more,â€ he said.
Jon Hall, with the Edmonton Real Estate Board, said 85% of single family homes that sold over the past 30 days went for less than the asking price. On average, the final figure was nearly $12,000 less than the seller was seeking.
Condos didnâ€™t fair much better, with 79% going for less than the asking price.
This is interesting because much like major US markets two years ago the market is dropping despite a very healthy economy.
Pratt said sheâ€™s also heard some homeowners cashing out and moving back to their home provinces, like Saskatchewan, where homes are cheaper.
Keith Mackie, fleet director for Budget Rent-a-Car, sees it every day. He said demand for moving trucks going to Saskatchewan from Alberta and B.C. has recently increased three-fold.
â€œIt seems like a lot of people are going home,â€ said Mackie, whoâ€™s based in Edmonton. â€œThereâ€™s no doubt about it, itâ€™s a significant number.â€