Calgary’s residential real estate 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 Calgary Real Estate Board, 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.”
Sales are expected to continue to slow over the next months. With that no doubt we are likely to see some price deterioration in the months to come. Many would-be first time home buyers are waiting for the right time to buy and are in a holding pattern to make a move waiting for the so called bottom to fall out of this market. Well the truth is by the time the word gets out that the bottom has happened, it will likely already have happened and the market will gain momentum on a different path moving forward.
Mortgage rates in the last weeks have gone back down making it an opportune time for buyers to get into the market. Buyers have to pay to live somewhere it may as well be in your home instead of somebody else's mortgage.
Calgary Realtor Crystal Tost specializes in residential Calgary Real Estate sales. A self proclaimed tech savvy agent, she combines her cutting edge skills with years of experience to bring you the best real estate service available in Calgary. See www.CalgaryListings.com for details.
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