Aug 3, 2010, Calgary’s housing market continues to cool

Calgary’s housing market continued its summer slowdown in July, although prices appear stable, new figures show.

The Calgary Real Estate Board said Tuesday single family home sales were down 42 per cent from the same period a year ago. Condominium sales were down 44 per cent in the same period.

In July, there were 915 single family home sales, compared to 1,061 in June. The number of condo sales fell 11 per cent to 396 from the previous month.

The average price of a single family home was $464,655, down four per cent from the previous month, but six per cent higher than in July 2009.

The average condo price was $291,168, level with June, but a two per cent increase from a year ago.

“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period,” said Sano Stante, president-elect of the board, in a statement.

“Rising mortgage rates and increased inventories will be the primary head-wind facing Calgary’s housing market, but improving job prospects will offer some tailwinds in the latter half of 2010 and into 2011.”

By Lisa Schmidt, Calgary Herald