The average selling price for a Calgary home fell 12 percent in the first quarter of the year.
Housing starts are also way down.
The new numbers are no surprise to Tim Chalmers and his home-building crew.
Chalmers says his workload has dropped by about 2/3rd's compared to two years ago.
"We used to do strictly framing and now we're doing roofing and siding too just to keep busy," says Chalmers.
According to numbers from Canada Mortgage and Housing (CMHC), the biggest drop seen in new-home construction is for multi-family units like walk-up condos and high-rise buildings.
"Right now there are about 7,000 multi-family units in the Calgary area which is down about a third from this time last year," says Lai Sing Louie from the CMHC.
The economy is also impacting the average price of a home in Calgary.
Most experts agree it's a good time to buy because it's a buyers market and interest rates are at an all-time.
As an added bonus, the federal government has introduced a new $750 tax credit for first-time homebuyers.
