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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.$ L4 W% V. Z/ T6 s
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The average Multiple Listing Service sale price for an Edmonton bungalow fell 11.8 per cent to $326,429 compared to the third-quarter of 2007, says the market survey.
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' \: K# h/ d  C2 ^3 S4 N: Q4 f$ ^Two-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.$ z/ q! D. B* H5 \/ \
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Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.; a6 V! i% o# t. p4 f0 @/ Y* l" H
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Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.: d+ |% y; }3 {

8 K1 o  n0 t) y5 H: z$ Z3 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.
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# D" Q+ D8 q4 U9 {"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.6 A3 ]! d4 I: x2 f6 a
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The report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.
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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.
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3 W/ g2 \0 N2 h' D( q+ fThe 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.6 ~8 j. F' C7 a( A& H

: m* B$ M0 s; O$ P# kbmah@thejournal.canwest.com
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