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EDMONTON – By the end of the year, Edmonton could get something it hasn’t seen for several years — a “normalized” housing market — as homes for sale dry up and prices drop .
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- V/ O- N! M$ EThat’s the forecast contained in the House Price Survey and Market Survey Forecast released Thursday by Royal LePage Real Estate Services.
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. \! T. [: M# W3 ]# { Q( gA soaring number of homes put on the market especially by builders and speculators in the last year softened the city’s housing market during the second quarter, the report said. ; W1 |9 s" B4 z" R: P# S' q* O
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“The high inventory levels will dwindle into the second half of the year, and as affordability improves, subsequent market conditions will continue to normalize,” the report said. ' w! Q" `, H1 K# o( n
" x! |0 P0 V/ g/ S, [- |$ gAs of the end of Wednesday, there were 11,184 homes for sale on the Multiple Listing Service, according to the Realtors’ Association of Edmonton. 1 g# ]6 n4 o5 s( T; h
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But Alberta’s two biggest cities still boast some of the most expensive real estate in the country, it noted. * l' Z4 d( a% [" }# \( p% M' v
" j. H7 W" h2 Z* X$ h“Despite some mild price erosion during the second quarter in both Calgary and Edmonton, these markets remain strong. Although prices have come down from where they were last year — one of the best years on record — current house prices are far higher than they were three years ago before energy-rich Alberta experienced its boom.”
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The average price for a detached bungalow in Edmonton in April, May and June was $320,000, down about 14.5 per cent from the same period in 2007 ($374,143), Royal LePage said in its survey of Canadian house prices. 3 n! Y }, K2 m r+ C
2 N! S0 |. z2 BIn the second quarter of 2008, a two-storey house in Edmonton sold for an average price of $348,571, down 12.4 per cent year-over-year from $397,857. 1 L# ?+ [8 ~8 r+ m+ c" |
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An average condominium in Edmonton was priced at $226,000, down 14.2 per cent from $263,333 in the comparable 2007 period. # o9 H t! x2 X6 A. R# `0 z
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“A surge in inventory caused Alberta’s white-hot market to record the country’s only major-market price decreases,” the report said. " G8 t: O5 S! m8 c$ Z" {7 o9 ~
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Across most of the country, average house prices rose, but more slowly than the spikes seen in 2006 and 2007. 2 R9 C! s, P* I" t( e6 J
2 S0 b6 z% {) u# o- ~# x2 m9 W* jRoyal LePage forecasts the national average house price to rise by 3.5 per cent, to $318,000 by year’s end.
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The report predicts home sale transactions to decrease by 11.5 per cent to 461,000 unit sales by year’s end. |
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发表于 2008-7-17 20:06
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