calgary housing market Photo: Michael Gil/Flickr

House prices in Calgary were up moderately in the first three months of the year compared to the same period in 2014.

According to Royal LePage’s quarterly house price survey, the average price for detached bungalows increased 3.8 per cent to $498,400, two-storey home prices inched up 1.7 per cent to $480,656, and condo prices rose 2.9 per cent to $286,913.

“After experiencing significant year-over-year price increases throughout 2014, price appreciation in Calgary’s residential real estate market slowed visibly during the first quarter,” Royal LePage said in its report, noting that the most noticeable change in the market was falling home sales.

“Uncertainty due to depressed oil prices permeates the Calgary market right now and has severely curtailed activity, although it did tick up in March. Across the city many sellers are taking a ‘wait and see’ approach,” said Royal LePage broker Ted Zaharko in a release, before adding that the number of home listings is up markedly year-over-year.

“Supply has been exceptionally tight in the last 12 months, so the properties that are making their way onto the market now are bringing inventory up to long-term historical levels,” Zaharko concluded.

Calgary’s modest house price gains were below the national average of 5.3 per cent for two-storey homes, 6.6 per cent for detached bungalows, and 3.8 per cent for condos. For more on the Canada-wide numbers, see our earlier coverage here.

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