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Luxury home sales plummet
/ k% r o4 p: a' x9 HSlow economy blamed for drop% b2 l6 N8 ]; c1 _! K
The Edmonton Journal' }% |) f# ~" B5 _
Published: 2:33 am0 f* b( S! I1 U: V+ w
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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Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.
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9 _* y: R. ~! t" i$ JSales 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.' I& Q# ?6 K9 R9 S5 m
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) ]) o3 d/ i9 g5 S9 GFont:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend./ I# N: ~, ]9 S& i, B! I- Q
8 a) ?/ N8 q- e( T( V; `; p+ T! T1 mThe 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 $1.39-million property in Strathcona is the highest price condo on the market.- V* [* j7 t9 a" h9 S) h
) A6 Z) i# x$ K% V2 fRe/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.- }& S3 e' v0 O* w
4 D: h3 a& O- Z/ WIn Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.# H; ?0 P. G8 o
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked." h$ U' L- i6 t, l+ F
) p8 M7 l: T4 O: A/ g4 b6 K8 rHowever, 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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" t( ? ?8 G6 J" R& N1 X0 bElton 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."4 ]* C4 U. ^ e4 t; e6 n. z2 H. v
, A& N3 A" B) q/ G2 X, W3 N7 S+ w1 nIn 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.0 Y+ [7 [, C/ g& ^" o) T' p7 ?
5 C" b* k/ s3 z6 g! YEach market has a different price point that marks what Re/Max defined as the start of the luxury-home category.
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9 y9 Q$ P0 v! aIt 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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9 a, t- b/ v' [; G5 ~' U© The Edmonton Journal 2008 |
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