In the first seven months of this year, 17 Calgary condos sold for less than $100,000, compared to none in the same period last year. (CBC)

A slew of Calgary condominiums are selling for less than $100,000.

For the first seven months of this year, 17 condos sold for less than that.

Not one property went for that low a price in the same period last year.

"That's cheaper than rent," real estate agent Dal Dhillon told CBC News on Tuesday in a boxy one-bedroom condo listed at $103,000 and expected to go for less.

Dhillon said that last year, when real estate prices dropped, many young people bought their first places. But this spring, federal mortgage rules changed.

"It's more difficult to get a mortgage, the interest rates are higher … and people feel the end is near, so no one is buying this product," said Dhillon.

Prices had to come down.

"We saw a much smaller supply last year," said Diane Scott, president of the Calgary Real Estate Board.

"People weren't selling as much and we didn't have the bank-owned units that we do now."

Most of the really cheap condos are foreclosures, said Dhillon. That means no condo boards, which makes it hard to get background information on the buildings.

"I don't sell condos without condo boards," Dhillon said.

"Because you're getting it as is, you don't know about the roof, you don't know about the foundation. So I think some people are apprehensive about purchasing these properties because they don't know what they are getting."