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Luxury home sales plummet
5 H; D5 H/ y/ QSlow economy blamed for drop
& ]( }, ]; X% E/ R$ \8 `The Edmonton Journal
& @' v2 B( N/ O: B* FPublished: 2:33 am
6 {3 E6 T0 I! r: G' Y5 k4 \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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G* G, ?6 }; \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.
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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.: M/ ?; b l; C2 s
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4 E, R+ @1 L0 K+ s9 oFont:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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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 $1.39-million property in Strathcona is the highest price condo on the market.
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% L$ ~+ V! V4 I PRe/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.8 s3 U! m+ Z" _
/ F# j: B6 P6 ~0 kIn Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.; v' L! E4 g$ D& S! g. ~2 P }
/ S& N4 R3 O, i# b4 p) [& m3 u( vBesides 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.
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& Y# e8 H- C% dHowever, the real estate organization said strength in this market segment is not expected to last., H# K; F2 q; z0 O
& ^7 p. p8 s7 B0 q7 ]5 C"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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In 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.
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( g6 O v+ r1 C$ a1 y$ m$ J# UEach market has a different price point that marks what Re/Max defined as the start of the luxury-home category.' n3 }0 X* p4 r8 J+ ^
Q! | @; f# a% g0 RIt 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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© The Edmonton Journal 2008 |
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