Calgary's recovering housing market took a step back in August, with single-family house sales slipping by 32 per cent from August 2009 and condo sales off 42 per cent from the same month a year ago.
Selling prices also slid, though only by about 2 per cent from July 2010, with the average price of a single-family house dipping to $445,617, and an average condo falling to $286,384. That's also a 2 per cent drop from July.
"Calgary's housing market has been undergoing a measured correction over the past four to five months. Sales are trending lower as a result of a decrease in first-time home buyers entering the market and a decline in pent-up demand following a strong post-recession recovery," said Diane Scott, president of the Calgary Real Estate Board.
Scott predicted stability is ahead for the market in Alberta's largest city.
"A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary's housing market as we move into 2011," she said.
Edmonton's single-family house price was also down in August, about 2 per cent to $372,253. The overall average residential price (including single-family homes, condos and townhouses) in the capital was off 1.3 per cent in August, to $325,588.
from Western Investor, October 2010
