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Luxury home sales plummet: G E# t1 Y5 k1 ^
Slow economy blamed for drop/ S) F3 I! n# n) U. R
The Edmonton Journal
3 }: H- i1 q( T3 d8 k7 ^ lPublished: 2:33 am1 g* z5 Q& P n8 [% J
EDMONTON - Sales of luxury homes in Edmonton dropped 39 per cent in the first seven months of the year compared to 2007, says a report released Thursday. O) D4 `. v; g2 Z/ g$ U5 e8 k
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Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.
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Sales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.% L& i# y( Q" n2 a1 d$ p
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.- A1 X1 X3 Q0 y/ r9 f" ]
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The top price for an MLS sale this year was $2.25 million, while the highest-priced listing is a $6.9-million property in Crestwood. A $1.39-million property in Strathcona is the highest price condo on the market.1 X$ l/ `, f& r
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Re/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.+ @! }) }; a2 c/ a0 a! u
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.( @% r% c- [* t9 V( A, U
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.
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However, the real estate organization said strength in this market segment is not expected to last., r" [+ j9 y8 Z! M) @4 R
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"The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation and job transfers all factors contributing to stability in this segment," Michael Polzler, Re/Max's executive vice-president for Ontario and Atlantic Canada, said in statement.
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; k: x4 A% T# f# R+ A8 ]But financial market conditions and more higher-end homes being put up for sale are expected to curtail both sales volumes and price levels in the coming months, Re/Max said.8 d, N' a" j8 G; A
0 D. v7 r9 J2 [ T5 qElton Ash, Re/Max's executive vice-president for Western Canada, said, "We are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth."
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6 Y4 W" q1 Q8 X7 VIn terms of growth in upper-end homes sales, Regina saw the most proportionally this year at 306 per cent. Winnipeg was next at 89 per cent, followed by St. John's, N.L., at 78 per cent.
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Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.
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It ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.* _0 s/ c& _/ G1 C" w
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9 \7 T! S8 e+ X+ I5 C- {© The Edmonton Journal 2008 |
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