BuzzBuzzHome says.. But, didn’t housing prices increase by 40% just a few years back? Yikes… still scary to think what will happen when interest rates go up?!

(Source: CBC News)

The value of an average Calgary home has dropped by about 13 per cent, a decrease for the second year in a row, according to the annual city assessment.

The median assessed value of a single-family home in 2010 is $374,000, down from $427,000 in 2009. The median assessed value of a condo fell to $233,000 from $278,000 the year before.

The value of business properties fell an average of about 15 per cent.

The drop contrasts with dramatic increases in property values of 43 per cent in 2007 from the year before, and a 25 per cent increase in 2008.

Read the full article “Average Calgary home value sinks 13%” in the CBC News (January 4, 2010).

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