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http://www.edmontonjournal.com/H ... /1248520/story.html% _. U L4 ~! T( n1 D ?5 \
* X, E3 p! p& xEDMONTON — Edmonton’s resale housing market sales kicked off the new year by stumbling out the gate — with residential MLS sales down 40.5 per cent compared to January 2008.
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% B& U4 t* t8 xEvery indicator fared worse than it did in January of last year, showed Multiple Listing Service figures released Tuesday.
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' M3 a. a: s0 }7 L' a- Total MLS sales plunged 40.9 per cent.5 a* i- [1 D9 y& L" c ~& ?
; w7 n5 J" R; I. x4 U- d- Value of total sales for the month was $265 million — down 42.4 per cent.
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$ ~( @: B+ S$ j9 V! j- v* r- The single-family home average selling price fell 7.1 per cent to $352,689." z* }( O1 E; n6 a
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- The average condo selling price dropped 7.5 per cent to $238,535.( H7 ~4 c# O+ ~( e i
# ?- |: N6 z2 z8 K8 o- In the single-family market, there were 502 houses sold, down from 767 in January 2008.
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% r) C# R* P6 O: ^. F3 J* F5 n- For condos, only 189 sold in January compared to 363 a year ago.
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5 [! x$ P, _: uFor all that, Charlie Ponde, president of the Realtors Association of Edmonton, sounded optimistic, if cautious.& Z: f' g, E$ h8 E" K3 Q5 G1 P/ F
. N1 `% W! U* c0 q) W8 jHe looked on the bright side, the month-by-month comparison — January figures were modestly better than December’s gloomy statistics.
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Multiple Listing Service figures released Tuesday showed 730 residential properties sold in the Edmonton region in January, up from 608 in December.
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4 ]: P4 u$ n/ G0 D2 X8 MSales prices were also up in all categories as compared to the previous month. The average price of a single-family home in January was $352,689 — up a quarter of a per cent compared to December. Condo prices nudged up 1.8 per cent to $238,535 and duplex/rowhouses rose 2.2 per cent to $299,222.
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! n6 w1 w1 Z* l& D“Nobody rings a bell when prices hit the bottom,” he said. “The bottom is evident only after several months of rising prices. One month does not make a trend but the market is certainly welcoming to home buyers.”
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@/ {9 w- \4 `6 \5 FHe pointed to interest rates which have fallen to their lowest in years, a large selection of homes and recently introduced federal tax credits for home renovation and a change in the amount of RRSP savings that can be applied to a first-home purchase — now $25,000 up from $20,000. |
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