CALGARY MARKET SNAPSHOT

Calgary house prices decline from last year
Prices up at the national level
By Mario Toneguzzi
Calgary Herald April 12, 2011

CALGARY — Calgary house prices have declined from a year ago, according to the Royal LePage House Price Survey released Tuesday.

Standard condominiums saw the largest decrease, declining 3.3 per cent to $254,856 while standard two-storey homes declined 2.1 per cent to $423,122 with detached bungalows declining one per cent to $415,167.

“Overall, prices are down slightly from where they were a year ago due to a healthy supply of homes for sale,” said Ted Zaharko, broker and owner, Royal LePage Foothills. “This increase in inventory coupled with low interest rates has presented some attractive opportunities for buyers.

“Towards the end of March, we started to see a decrease in inventory levels compared to the start of the quarter with sales activity beginning to increase slightly especially for condominiums. This shift in the market can be attributed to the seasonal real estate cycle, which picks up activity in the spring.”

Zaharko said single-family homes at the $400,000 price point were in demand throughout the quarter.

Nationally, Royal LePage said low interest rates and a recovering economy continued to fuel activity in Canada’s housing markets over the past year, which has led to countrywide increases in average home prices. In the first quarter of 2011, the national average price of a detached bungalow rose 4.3 per cent year-over-year to $341,355, while standard two-storey homes rose 3.5 per cent to $379,388 and standard condominiums rose four per cent to $237,919.