03/02/2016 04:47 EST | Updated 03/03/2016 11:59 EST

Calgary's Housing Market Continues To Slide

The bad news continues for Calgary's housing market, as home resale prices continued their downward slide in February for the fifth straight month.

House resales dropped nearly 7 per cent last month from the previous year — 37 per cent down from long-term averages, the Calgary Real Estate Board reported Tuesday.

Benchmark prices dropped to $445,000, down 3.5 per cent from the previous year, with the average home spending 43 days on the market, 22 per cent more than last year.

"Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted," Ann-Marie Lurie, the board's chief economist, said in a release.

Employment has dropped in Calgary over the last eight months, with Alberta's unemployment rate sitting at 7.4 per cent.

Lurie said that the market is expected to stay weak over the next few months.

The number of new listings has dropped but the inventory of homes on the market has stayed relatively consistent — bad news for sellers, but great news for buyers.

The last time numbers were this low was 1995.

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