By Mario Toneguzzi
Calgary Herald
July 7, 2010
Calgary house prices remained strong in the second quarter compared to the same period in 2009, but they are expected to decrease slightly over the remainder of the year, according to the Royal LePage House Price Survey released today.
“Overall, prices are still higher than they were a year ago,” said Ted Zaharko, broker and owner of Royal LePage Foothills. “But as the second quarter ends, we are seeing the market lean in favour of the buyer.”
The report says that sales in the Calgary market have decreased and inventory levels have risen slowly compared with this time last year, but the prices still remain higher than a year ago in most housing categories except standard condominiums, which saw a 0.2 per cent decline to $251,756 due to its large inventory levels. Standard two-storey homes posted the largest year-over-year price increases, rising 5.5 per cent to $422,078. Prices for detached bungalows increased 4.6 per cent compared with the second quarter of 2009 to $419,978.
“Buyers don’t feel the urgency to make decisions when inventory levels are high,” said Zaharko. “However, we expect to see a slight increase in the number of sales and a decrease in the amount of inventory as we continue through 2010, but we also anticipate overall prices to soften in the second half of 2010 as buyers continue to remain cautious and inventory levels continue to remain higher than in past years.”
mtoneguzzi@theherald.canwest.com
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