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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.: u0 [7 _& _" x6 V9 x0 H# u8 N
4 H7 Z5 n) k; I8 R% g- WThe 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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Two-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.( e% {: x3 t1 v8 T" V0 B
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6 ^7 _5 G% w4 H) |9 TFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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- w: P! ^- `. |. J/ o, }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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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.
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) n, U8 P* q* m"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." K/ H0 t- Y0 S* f' L8 C! K
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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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; p8 _5 X1 `6 H; b# d8 p"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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6 ]- w5 Z B* `- OThe 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.( Q! G, K+ X: S4 L
; P0 d, z2 ^, wbmah@thejournal.canwest.com |
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