Double-digit declines for Edmonton home prices

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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.

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.

( m! I. `7 X) T8 ~- JTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.


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Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.

6 R% W& j5 K$ f5 C4 i0 L/ s! MAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.

4 A1 |4 k3 d4 E" j) y( F! E$ VStandard 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.

"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.

; X* Y  _. `5 [  Q& W8 SThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.

) {/ e9 e* ~5 N* ?6 b"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.

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.

: m; E# a6 S. S# r0 v1 c# _bmah@thejournal.canwest.com