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Edmonton housing prices could drop by as much as three per cent if business activities don’t resume before the summer, according to a recent market forecast.

Housing markets across the country have slowed down since the COVID-19 pandemic escalated in March but a Royal LePage Market Forecast released Tuesday shows the impacts could be worse if business doesn’t resume soon.

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If activities start-up in the second quarter, the forecast predicts only one per cent year-over-year decrease to housing prices, bringing the average home to about $370,800. If the housing market remains paused until the summer that decrease jumps to three per cent, dropping the price to around $363,300.

The average price for a home in Edmonton already decreased by 1.4 per cent year-over-year to $371,118 over the first few months of 2020.

Tom Shearer, a broker with Royal LePage, said a three per cent decrease is not normal for Edmonton.