Between the first quarter of 2010 and 2011, average condominium sale prices in Calgary were down 3.3% to reach $254,856; standard two-storey homes declined 2.1% to $423,122; and detached bungalows slipped 1% to $415,167.
Ted Zhaharko, broker and owner of Royal LePage Foothills, said it was a good time to buy property in Calgary.
“Overall, prices are down slightly from where they were a year ago, due to a healthy supply of homes for sale,” he said. “This increase in inventory, coupled with low interest rates, has presented some attractive opportunities for buyers.”
Broken down by regions of the city, only the north inner city saw an increase in price year-over-year in the first quarter of 2011, up 6% to reach an average of $544,200. But even this was down 3.6% from the final quarter of 2010, when it was $564,400.
The most affordable section of town in all three housing categories was the north east, at $305,000 in the first quarter this year for a detached bungalow, $332,800 for a standard two-storey house, and $180,000 for a standard condominium.
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