According to data released from the Canadian Mortgage and Housing Corporation a combination of new land supply and a weak economy has contributed to the dwindling home prices in the region.
The average price for a home in the first eight months of the year was $427,800, that is $70,000 below the average price of last year.
Sales in 2017 have roughly been in line with the number of sales in 2015 and will likely remain the same unless the energy market strengthens.
With the sale price of homes decreasing, the rental market is also taking a hit.
Vacancy rates declined as workers came to Fort McMurray to assist in the rebuild.
The vacancy rate is expected to remain elevated, as homeowners return to their rebuilt houses.
