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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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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.' O' l" M) |; u
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Two-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.
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, S4 `# b' P( n3 s6 n. {1 |Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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4 J+ G! D' {# X4 |# _Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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5 M; i5 B$ I! T% e: m  W; k& mStandard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.0 c+ S6 B5 a$ F& }1 S( C
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Phil 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.' p9 G1 j- I, z* H% o/ _

% {2 X, |# ?7 B0 F. j"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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The report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.
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& x7 K/ b7 {# T8 S$ ?( E# Z2 X5 e' l"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.; h$ ^  C0 T7 g6 U
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bmah@thejournal.canwest.com
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