While Cochrane's detached home sales have seen a decline, semi detached have gone up.

Shelly Kramer, Royal LePage Integrity, Realtor, says detached homes have the greatest influence on the whole market and sales are definitely down.

"It was down 15% over last year in sales and prices are down 4% over last year.".

With an inventory of 139 homes currently on the market that gives approximately a 5 month supply; meaning a seller can expect their home to be on the market, on average, 5 months if priced correctly.

Interestingly, shares Kramer, semi detached homes have seen an increase in sales activity in September and October coming in at 57% and 29%. Kramer likely relates the increase to the new mortgage rule changes and the affordability of the lower price ranges. 

"I think most sellers have adjusted their expectations and at the same time buyer’s are coming to terms with what they now qualify for under the new mortgage rules. Some buyers will capitalize on the lower prices and lower interest rates while others will play it safe and stay where they are for now if there is uncertainty over their job security. Seller’s will sell if they have to- if not, I think they will wait for the market to swing towards a seller’s market knowing that history indicates over the long term, prices should go up."

Kramer is hopeful the market will rebound.

"You always have some people looking on the positive side and some people looking on the negative side, I like to look on the positive I am hopeful for late 2017 being a little more positive as far as the sellers go."