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Luxury home sales plummet# D# _; F" _0 Z/ i
Slow economy blamed for drop
8 c# _3 @8 D% f% bThe Edmonton Journal
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% q* q3 X6 H1 R a! e5 V: YEDMONTON - Sales of luxury homes in Edmonton dropped 39 per cent in the first seven months of the year compared to 2007, says a report released Thursday.
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Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.$ ~( ~' ^( P* b1 m- E
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Sales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year., ^$ h& p! E- r% y2 A& L, q
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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4 O. W* K% X6 A) z+ aThe top price for an MLS sale this year was $2.25 million, while the highest-priced listing is a $6.9-million property in Crestwood. A $1.39-million property in Strathcona is the highest price condo on the market.
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Re/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.$ L, W8 L, }7 k6 d8 @
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.1 [) C; @) w K1 k4 \; ]& |) ?2 H
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.
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0 _, ~0 l3 l3 {9 ^6 t" E& L; E* eHowever, the real estate organization said strength in this market segment is not expected to last.
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% J" c3 v8 C6 M"The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation and job transfers all factors contributing to stability in this segment," Michael Polzler, Re/Max's executive vice-president for Ontario and Atlantic Canada, said in statement.
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But financial market conditions and more higher-end homes being put up for sale are expected to curtail both sales volumes and price levels in the coming months, Re/Max said.7 f- o* S9 K% m* O6 U# V: l
' e( v& X) H& m- {+ M$ CElton Ash, Re/Max's executive vice-president for Western Canada, said, "We are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth."5 c+ H, q+ B; w% f) f, D
% n% l+ B: l( |) _5 q4 ~* {In terms of growth in upper-end homes sales, Regina saw the most proportionally this year at 306 per cent. Winnipeg was next at 89 per cent, followed by St. John's, N.L., at 78 per cent.3 \$ q B0 K4 ~% F4 J
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Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.# {. U; T3 {7 N; m, a
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It ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.& K% N% k$ P2 s Z
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6 [6 P' ^* ~ K& _3 }© The Edmonton Journal 2008 |
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