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http://www.edmontonjournal.com/H ... /1248520/story.html
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EDMONTON — Edmonton’s resale housing market sales kicked off the new year by stumbling out the gate — with residential MLS sales down 40.5 per cent compared to January 2008.
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Every indicator fared worse than it did in January of last year, showed Multiple Listing Service figures released Tuesday.
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- Total MLS sales plunged 40.9 per cent.
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% U$ D2 o& \. u2 ?3 N0 P d! Z- Value of total sales for the month was $265 million — down 42.4 per cent.5 W Q/ f* A; L5 m! i7 b7 e4 S
# K4 Y. B! ]' J3 H) _. A0 A8 a" ]- The single-family home average selling price fell 7.1 per cent to $352,689., D" J1 S. D2 r5 F
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- The average condo selling price dropped 7.5 per cent to $238,535.* m8 E V, g' d/ I! i! u
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- In the single-family market, there were 502 houses sold, down from 767 in January 2008.
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- For condos, only 189 sold in January compared to 363 a year ago.
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For all that, Charlie Ponde, president of the Realtors Association of Edmonton, sounded optimistic, if cautious. i P+ V4 ~9 j- S& l
e" r4 v' f. | [# F% GHe looked on the bright side, the month-by-month comparison — January figures were modestly better than December’s gloomy statistics.
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Multiple Listing Service figures released Tuesday showed 730 residential properties sold in the Edmonton region in January, up from 608 in December.5 d8 _& d+ A8 [% G, Q" Z0 W
- h. j6 v0 Y& \/ M5 [& e( d, xSales prices were also up in all categories as compared to the previous month. The average price of a single-family home in January was $352,689 — up a quarter of a per cent compared to December. Condo prices nudged up 1.8 per cent to $238,535 and duplex/rowhouses rose 2.2 per cent to $299,222.. {6 B- _1 f0 v2 s$ s
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“Nobody rings a bell when prices hit the bottom,” he said. “The bottom is evident only after several months of rising prices. One month does not make a trend but the market is certainly welcoming to home buyers.”
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3 d( g. r# I2 b3 \6 _He pointed to interest rates which have fallen to their lowest in years, a large selection of homes and recently introduced federal tax credits for home renovation and a change in the amount of RRSP savings that can be applied to a first-home purchase — now $25,000 up from $20,000. |
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