Calgary residential real estate prices continued to decline in the first quarter of this year, according to the quarterly House Price Survey released today by Royal LePage Real Estate Services Ltd.

The real estate firm said the price of a detached bungalow in the city dropped by 11.5 per cent from a year ago to $391,833. The average price for a standard two-storey home fell by 12.4 per cent to $390,689 and the price for a standard condominium dropped by 12.8 per cent to $245,756.

The average price drop in the city was well above what happened on the national level.

Royal LePage said the average price for a detached bungalow in Canada fell by 6.1 per cent in the first quarter to $319,865. The price drop for a standard two-storey home was 6.5 per cent to $379,636 and the decrease for a standard condominium was four per cent to $232,877.

"We expected a sharper decline in house prices across Canadian markets during the first quarter," said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services Ltd.

"Canadians in most regions should not expect the prices of their homes to begin appreciating again until the overall economy begins to stabilize, likely in the first half of 2010."