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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.% b( q, D2 t3 i3 X0 q" C* X
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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.3 l  h/ D% O, Q( _, ^! i2 L

  U1 d# Z  q1 `/ `Two-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 $216,667.9 d, {4 n, l! r$ [

, K$ z" n/ k: y$ w" N* C, Q+ IAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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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 $240,000.3 S; S# G3 Y3 K" r/ \# r

. y  y, a2 n( ^* m" @7 e: fPhil 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.; A0 F$ `6 @, B1 }

2 ~  x3 F+ L1 t( |: ]"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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The report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.$ {; X6 h7 }" m4 |* E& T

6 W- |! ]+ \0 X2 A% v# ]  R"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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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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7 N, ~, A2 X2 n5 jbmah@thejournal.canwest.com
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