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Calgary’s resale housing market lost close to $3.5 billion in MLS sales in 2015, according to data released Monday by the Calgary Real Estate Board.

The board said total dollar volume in the city fell from about $12.3 billion in 2014 to about $8.8 billion last year – a plunge of $3.475 billion.

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That was largely based on overall sales of 18,830 which were down 26.3 per cent from 2014 while the average sale price of $469,337 dipped by more than 2.6 per cent.

“Economic uncertainty, followed by weak economic conditions and job losses, contributed to slowing housing demand throughout the year,” said CREB’s chief economist Ann-Marie Lurie. “That said, while aggregate prices trended down in 2015, it was not to the same extent as some had speculated.

“Supply levels were low moving into this cycle and thus provided some cushion to absorb the inventory gains.”

Lurie will be presenting her predictions for the Calgary market for 2016 at CREB’s annual forecast breakfast on January 13.