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Luxury home sales plummet# x/ ~$ S) R' }/ l6 m1 y7 m
Slow economy blamed for drop0 K, V6 O0 v! x
The Edmonton Journal. A M# C- n4 l6 x: G6 ^
Published: 2:33 am) N7 a% y8 n9 ^5 U
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.
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& P$ _. l: q |% s/ `+ g! Y/ _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.# d' Y' Z/ z) k
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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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6 Y% t6 E7 Z8 eFont:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.# I( G/ o# t" q! b# J% o0 P
' M* X- W# A! O5 q5 l' yThe 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.5 S% N/ p% _4 Q2 T% ?! w
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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.9 R6 @! @+ q" s( }; h
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.0 f% F$ J7 ]8 {
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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.* @+ t3 k) R/ [6 x; e5 {
5 A A; Q) Q, M; M# }5 NHowever, the real estate organization said strength in this market segment is not expected to last.
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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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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.
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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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* ]/ D8 X2 V! d' Z" y9 Z: DIn 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.+ j( j. S& B1 v5 z
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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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- q9 F* |5 [# c: |5 |& K) }It ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.1 K$ ~. u. @# p2 f' S+ t) p
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) ?% W- P, ~# z1 {# [# g6 Y7 X© The Edmonton Journal 2008 |
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