Housing markets in communities outside Calgary are following a similar pattern to the city, with sales down sharply and prices faring better.
The Calgary Real Estate Board says first-quarter MLS sales in surrounding areas were down 23 per cent from a year ago, at 911 transactions. The average sale price dropped by 0.1 per cent to $468,377. The median price was unchanged at $400,000.
In Calgary, sales were down 33 per cent in the first quarter, to 3,778. The average sale price was off 2.4 per cent to $467,468 while the median price dropped by 1.2 per cent to $420,000.
While city of Calgary prices have started to retract, on aggregate, surrounding area prices have remained relatively stable.
The report said improved supply in the city and surrounding areas will provide consumers with more choices in the second quarter.
The surrounding areas have not seen the same impact on pricing as in the city.