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Double-digit declines for Edmonton home prices

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发表于 2008-10-6 10:43 | 显示全部楼层 |阅读模式
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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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) @9 Y: J. B. p! \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.. z% s& I& x4 S0 G, a& s

$ R0 x* \- p. o& E9 a. ], }. MTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.% i+ i5 P3 _6 D( H  x

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) p8 A" J2 M! K8 ~& S0 KFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.8 A) K3 Q. ?$ @- j) _' {9 N1 A

* v5 L7 V9 G% S4 ^/ @9 W- vAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.6 T& u4 Y# }+ F0 |
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Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.
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: |# A  a% c' V' rPhil Soper, Royal LePage president and CEO, said Canada's housing market is fundamentally different and stronger economically than the U.S. market being shaken by the sub-prime mortgage crisis.
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8 f3 Z/ T, i9 \2 R' @, Q* N, z"Average house price appreciation curves are beginning to flatten, but this is a completely natural reaction to the explosive gains that characterized the market earlier this decade," Soper said in a release.
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8 \/ y, O- _: t* j  U4 I; `! A" iThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.
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"As such, the recent price decline is merely a correction to the dramatic run-up in prices that both Edmonton and Calgary experienced in the past few years," the report said.
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The survey said the year-over-year drop in the Calgary market varied from a decline of 8.7 per cent for a standard two-storey home, 8.2 per cent for a standard condominium and 6.2 per cent for a detached bungalow.0 `9 q" D$ k( h# n( p
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bmah@thejournal.canwest.com
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