A report from CBC News in Canada. "Chris Drinkwalter's newly-renovated condo in southeast Edmonton has been on the market for more than seven months without a single offer. The two-bedroom, two-bathroom property in the Silver Berry neighbourhood, constructed in 2007, is now listed at $164,900, far below Drinkwalter's original asking price — and far less than the $197,000 he paid for it eight years ago."

"'It's depressing,' Drinkwalter said in an interview with CBC Radio's Edmonton AM. 'We've done nothing but drop it and still, nobody even offers.'"

"Drinkwalter has already lowered the asking price twice. He's now asking $20,000 less than where he started. He's moved with his wife and four kids to a new rental property and is struggling to cover his mortgage payments."

"'Paying for two homes and not using one, it's quite the headache,' he said. 'Living paycheque to paycheque, it's hard on me and my wife. Financially, it's extremely stressful.'"

"Drinkwalter's situation is becoming increasingly common in Edmonton. The city's condo market is lagging. Demand is low. Supply is high. Todd Bradley, an Edmonton-based real estate agent with Royal LePage ArTeam, said unsold condos have been sitting on the market for up to 10 months."

"'The word saturated comes to mind,' Bradley said. 'Saturated and not much buyer confidence, if any buyer activity at all. 'The only way that you see to get a condo sold now or even looked at, you have to be in a good complex and have the best price in the complex. You really don't have a hope.'"

"'If we don't sell it [soon] we will have to rent it out but it's still kind of sketchy because I'm going to have to rent it for practically nothing,' Drinkwalter said. 'I don't know what else I can do.'"

From 660 City News. "An organization representing Alberta’s home building industry is bringing attention to a dismal downtrend in the province. A report from BILD Alberta says that thousands of new homes in the province are sitting empty and it’s becoming an alarming issue."

"'There are more than 5,300 new homes sitting empty right now,” says Carmen Wyton, CEO of BILD Alberta. 'As long as homes are sitting empty, the investment in building more is declining rapidly and companies are saying ‘it’s not the right time to build’, and people are losing their jobs.'"

"In Calgary, the numbers for new, empty homes is just as concerning as 1,986 are vacant. Wyton says that if these homes continue to stay empty, it could have large consequences for the home building industry. 'The environment in terms of the cost of housing, the mortgage rules, levies, fees, taxes all those kind of things that are driving up the price; something has to upset that or things are going to get worse.'"