![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/03\/edmonton-housing-market.jpg\")
<\/a><\/p>\nPhoto: IQRemix\/Flickr<\/a><\/em><\/p>\n It\u2019s been dubbed \u201cthe year of the incentive\u201d by one real estate agency.<\/p>\n While housing affordability remains top of mind for many Canadians, homebuilders in some of the country\u2019s weaker real estate markets are looking to sweeten the pot in a bid to woo buyers, recent reports suggest.<\/p>\n In particular, house hunters shopping around for a new home in two of the Prairies’ biggest cities are likely to score better deals this year as homebuilders are saddled with a growing amount of unsold housing stock.<\/p>\n\n ATB Financial, a Province of Alberta-owned Crown corporation, says a record number of new homes in Edmonton remain unsold, and Calgary inventory is approaching all-time highs as well.<\/p>\n There were 1,941 \u201ccompleted but unabsorbed houses\u201d in January, up a jaw-dropping 63 percent from the same time last year, according to an ATB economic report<\/a> published this month. In Calgary, unsold new homes totalled 891, 39 percent higher than a year ago and near the record set in 2001.<\/p>\n \u201cThose searching for new homes to buy are likely going to find more deals this year,\u201d writes ATB\u2019s research team in the report.<\/p>\n There are multiple factors that have led to the abundance of new homes in Calgary and Edmonton that have yet to attract buyers, ATB suggests.<\/p>\n \u201cSeveral factors help explain the glut of new housing in the province including the uncertainty Alberta\u2019s economy is experiencing, tough labour market conditions, stagnant wages, higher mortgage rates and tougher federal mortgage financing rules,\u201d ATB researchers write.<\/p>\n In 2018, Alberta existing home sales dropped 7 percent, according to the Alberta Real Estate Association. Meantime, ATB notes prices were down close to 10 percent, and more declines are anticipated this year.<\/p>\n \u201cWith the number of completed but vacant homes touching record highs to start the year, it\u2019s likely prices could drop further in 2019,\u201d says ATB.<\/p>\n While homebuyers in Calgary and Edmonton may see discounted prices for newly completed dwellings, condo developers in Metro Vancouver are taking steps to increase appeal during the pre-construction phase.<\/p>\n Chart: MLA Advisory\u00a0<\/em><\/p>\n \u201cAs buyers become more selective and remain patient, developers are offering large incentives and realtor bonuses,\u201d reads a February report<\/a> from real estate marketing firm MLA Canada\u2019s research department, MLA Advisory.<\/p>\n Asked what some of these incentives might look like, MLA provided several examples, ranging from a 10-percent discount on units at one development, to $10,000 worth of upgrades at another.<\/p>\n<\/a><\/p>\n