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The slide in Calgary’s resale housing market continued in May and uncertainty about the new NDP government could keep buyers on the sidelines for another few months.

May marked the sixth consecutive month in which MLS sales declined, year-over-year in the Calgary market. It was the fifth straight month in which average prices declined on a year-over-year basis.

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Sales were down 25.5 per cent from May 2014, at 2,190 transactions. The average price declined 1.5 per cent to $478,7790, while the median price was down 0.3 per cent to $433,000.

New listings also fell, down 26.7 per cent to 3,161. However, the number of active listings at the end of the month was up 16.1 per cent, to 5,342. Homes are also spending longer on the market — the average number of days to sell a listing was 41 in May, up from 27 in May 2014.

Don Campbell, senior analyst with the Real Estate Investment Network, said political confusion will be a factor over the next six months, as buyers watch for the NDP government to set policy — particularly for key industries in Alberta.

“What policies and announcements will the new government make in their first six months to provide stability and confidence to businesses, citizens and industry?” said Campbell. “The more clear they get the more that potential buyers can decide when to enter the real estate market and therefore prop up the demand side of the Calgary real estate market. Right now, the confidence is low and the clarity is low, post-election and therefore buyers continue to sit and wait.