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Condo market cool down
Published Thursday, August 14, 2008 5:36PM MDT
Hundreds of millions of dollars worth of Calgary's condo real estate market is in jeopardy.
The Home Builders Association says oversupply and speculators pulling out of the market could cause projects to be shelved and jobs to be lost.
Currently there are more than 2-thousand condo's listed on MLS.
It would take nine months to sell them all, but builders fear speculators pulling out of projects could cause that figure to double, meaning there would be years of supply listed at the same time.
Norm Ross, president of the Calgary Home Builders Association says, "It means there will be lots of projects stopped. Upcoming projects that we were anticipating would be started, would be put on hold, mothballed. It might be three to four years before they're started again."
The latest figures show the price of a condo in Calgary has fallen by eight per cent in the first seven months of 2008 to $296,338.