Double-digit declines for Edmonton home prices

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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.
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$ m  H" h1 {8 h5 s& W8 }; aThe average Multiple Listing Service sale price for an Edmonton bungalow fell 11.8 per cent to $326,429 compared to the third-quarter of 2007, says the market survey.
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+ R, T6 f. m$ w) j$ H0 i; P" NTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.


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- I' w; R7 X* ]Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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  a9 Y6 m/ I# w& |# CAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.

- _8 N; d7 v) j/ l1 \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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2 s4 U9 Q4 h" G. N3 wPhil 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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; B, v& j- ]% y2 I; k. F  s9 L"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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+ z' i8 \2 m3 h0 R. qThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.

' {  B3 k; Q& ]9 S"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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- t3 K5 A8 e, Y9 t! 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.
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bmah@thejournal.canwest.com