The average home price remained relatively stable in Fort Saskatchewan last year, according to a recent report from Zoocasa.
The real estate brokerage used annual average sold home prices from the Realtors Association of Edmonton to rank 11 housing markets in the region by the biggest losses to the biggest gains in dollar value from 2017 to 2018.
While some communities were hit hard by a slowing market, the Fort ranked eighth on the list with a price decline of just 0.3 per cent.
"You're looking at a dollar loss on the average home of just over $1,000, so it wasn't extreme," said Penelope Graham, managing editor at Zoocasa. "In terms of where everything is ranking, things are still quite affordable in Fort Saskatchewan and homeowners did not see a dramatic decrease in their home's equity."
Gibbons experienced the steepest decline, as the average home price fell 14.6 per cent to $266,943, which equates to a dollar loss of $45,537. However, Graham noted home sales were down about 30 per cent in the town, which ultimately factored into the drastic drop in price.
"What we need to keep in mind is Gibbons is a smaller market — there were only 48 sales that occurred over the last year," Graham explained.
"Things can be a little more volatile when you're looking at a lower number of sales in inventory because one house that could be worth more than others may have sold for less than it had in the past and that's going to have a downward pull on prices."
Sherwood Park saw the second greatest decline with the average home price down 3.1 per cent to $409,299 — a loss of $13,171.
One reason for the losses across the region is the new national mortgage stress test, which has reduced home buying budgets, especially for people in the first-time buyer segment, according to Graham.
"Nine out of the 11 markets that we looked at actually had a year-over-year price decrease and a lot of this can be attributed to the fact that there's a stress test in play," she added.
St. Albert ($5,311) and Beaumont ($4,708) were the only markets on the list to experience year-over-year home price appreciation.