Calgary condo sales continue downward trend – Resale market challenging

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By Mario Toneguzzi, Calgary Herald September 20, 2010

The pace of activity in Calgary’s residential condominium market continues to slow down.

The number of newly-completed apartment suites in the Calgary region and unoccupied in August was at a record high, according to Canada Mortgage and Housing Corp.

In August, it was 710 units, up from 229 in August 2009.

The resale condo market has also had its challenges this year. According to the Calgary Real Estate Board, year-to-date sales until the end of August were down nearly 10 per cent compared with the same period in 2009. However, the average MLS sales price year-to-date has increased by nearly four per cent to $291,284.

MLS condo sales have declined on a monthly basis for the past four months. Also the year-over-year plunge in sales for those four months has ranged from 43.6 per cent in July to 20.7 per cent. August’s 364 transactions was the lowest monthly level this year with an average sale price of $286,384. The highest monthly sale price was in May at $304,662. The MLS peak was in May 2007 at $332,237.

According to the website of Mike Fotiou, of First Place Realty, there have been only 211 condo MLS sales so far this month until Sunday with an average sale price of $280,078.

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