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Double-digit declines for Edmonton home prices

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发表于 2008-10-6 10:43 | 显示全部楼层 |阅读模式
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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.$ C0 `8 M, W0 W5 {& D) F( x* h
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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.5 ]2 {1 i3 y9 b" e7 L( Y/ Z  m

6 D' [: k/ G6 O, aTwo-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.( i0 M; }8 ~% `
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Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.5 [' O2 W; J- k* P* j6 b
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Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.
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$ H. B  e/ ^! G5 T: W2 d$ O3 CPhil 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./ J, l8 {" U5 ^8 {6 O9 ~

# G9 D' N# t2 r% `. g  V"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.
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6 E  y8 v3 D) w$ I3 ^4 TThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.; ?& Y  M' R9 l
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"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.$ \, H- Y4 u0 C  z
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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.
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bmah@thejournal.canwest.com
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