Double-digit declines for Edmonton home prices

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EDMONTON - While average resale home prices across Canada nudged upward in the third quarter, Edmonton saw double-digit declines from last year in bungalows, two-storeys and standard condos, says a report released today by real estate firm Royal LePage.
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" G( M- _, }9 \The average Multiple Listing Service sale price for an Edmonton bungalow fell 11.8 per cent to $326,429 compared to the third-quarter of 2007, says the market survey.
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0 A7 f* V: s3 D8 f3 V2 o( @Two-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.
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$ X; G; i9 ]5 eFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.

5 [* B7 C: a. BAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.

" h4 K, E8 p6 x  E( m, k; {Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.
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! x; {* s9 Z5 u" _0 }; V$ T; gPhil Soper, Royal LePage president and CEO, said Canada's housing market is fundamentally different and stronger economically than the U.S. market being shaken by the sub-prime mortgage crisis.

$ Z; h3 u$ Z4 k: e& l8 @' D"Average house price appreciation curves are beginning to flatten, but this is a completely natural reaction to the explosive gains that characterized the market earlier this decade," Soper said in a release.

5 ~, F  F5 p+ kThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.

- O; M5 Y9 [. N* ^+ p5 s# F2 s: N"As such, the recent price decline is merely a correction to the dramatic run-up in prices that both Edmonton and Calgary experienced in the past few years," the report said.
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: a3 }& A( N( h9 e& hThe survey said the year-over-year drop in the Calgary market varied from a decline of 8.7 per cent for a standard two-storey home, 8.2 per cent for a standard condominium and 6.2 per cent for a detached bungalow.
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* p8 V$ Z3 Y! Q4 A! jbmah@thejournal.canwest.com