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Luxury home sales plummet
9 m. a' T, e8 Y' C5 m# E1 RSlow economy blamed for drop. b3 V; X. `2 F( Q5 Z% l3 x! }! F
The Edmonton Journal$ t9 {/ }: P1 L. J- u
Published: 2:33 am
% N- P% X4 z K7 j' SEDMONTON - 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.' q: c6 j6 {5 q) U" \
7 {9 Z# `# T$ c' H8 j" d& QReal 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.
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.1 s6 I# ], f7 x9 g
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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.' C) w; J6 Z4 [' 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.5 K5 O: k( M+ J* a9 m6 y+ ^9 O7 B! I
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.$ B: K5 m, h$ J
2 G( \- X' H) pBesides 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.; Q, X% v5 W& a) y6 j% N
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However, the real estate organization said strength in this market segment is not expected to last.
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( F: ^2 m. Q% X"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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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.& w y' E4 @) N h$ t6 c
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Elton 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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$ [1 `8 x. B7 j6 H1 r0 TIn 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.+ U) K% N& s1 o' ]7 C, H
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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.
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( O, T' I [; T8 D0 X© The Edmonton Journal 2008 |
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发表于 2008-9-26 11:54
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