Declining condo sales force developers to reconsider their projects. (CBC)

Condominium developers in Calgary are being forced to rethink their building plans in the wake of waning consumer interest.

Some projects have been shelved altogether. Others are going ahead in the hopes of finding renters to occupy the units that have not sold since the market all but dried up in 2008.

The Lake Placid Group, which was developing a 100-unit luxury condominium in the city, has decided to take yet another approach after sales of its unit fell off in September, said Michael Lobsinger, vice-president of asset management.

It has redesigned the building to be partly a boutique hotel and partly a residential condominium with only 24 units, he said.

"A lot of developers are stuck right now," he said. "They have great products but it's a bad time in the market."

Although the rental market is forecast to grow, Lobsinger said this project was not a good fit for that model of development.

The company's new plan still needs the city's approval, he said.

Developers of a three-tower condo project in Victoria Park also recently decided to turn one of the towers into a boutique hotel.

Calgary's condo prices have dropped since their peak in 2007 when the average price hit a high of $316,370. The average price is now between $267,000 and $287,000.