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EDMONTON – By the end of the year, Edmonton could get something it hasn’t seen for several years — a “normalized” housing market — as homes for sale dry up and prices drop .
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That’s the forecast contained in the House Price Survey and Market Survey Forecast released Thursday by Royal LePage Real Estate Services. ; p' v; p- k& w' v5 A" \
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A soaring number of homes put on the market especially by builders and speculators in the last year softened the city’s housing market during the second quarter, the report said. ' U% m, n. X. A5 h2 E9 y
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“The high inventory levels will dwindle into the second half of the year, and as affordability improves, subsequent market conditions will continue to normalize,” the report said. 4 a- L/ q( R# P s0 D0 P
$ h: Y2 f& |% ~2 LAs of the end of Wednesday, there were 11,184 homes for sale on the Multiple Listing Service, according to the Realtors’ Association of Edmonton. ( r! G S' x& g
@- S4 F) s, a/ k2 O1 X" m7 O; ?) FBut Alberta’s two biggest cities still boast some of the most expensive real estate in the country, it noted. 3 J5 A+ T- v& F$ N; I3 _
2 J4 V% w5 }3 | }( l' ^“Despite some mild price erosion during the second quarter in both Calgary and Edmonton, these markets remain strong. Although prices have come down from where they were last year — one of the best years on record — current house prices are far higher than they were three years ago before energy-rich Alberta experienced its boom.” : c) y; ~# H" j
8 f3 ^9 d+ h8 G7 p& ?The average price for a detached bungalow in Edmonton in April, May and June was $320,000, down about 14.5 per cent from the same period in 2007 ($374,143), Royal LePage said in its survey of Canadian house prices.
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In the second quarter of 2008, a two-storey house in Edmonton sold for an average price of $348,571, down 12.4 per cent year-over-year from $397,857. 5 [3 w" D' _8 q9 s: [) c, @6 z
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An average condominium in Edmonton was priced at $226,000, down 14.2 per cent from $263,333 in the comparable 2007 period. 7 ^& \/ X% S$ v- Z* i5 T
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“A surge in inventory caused Alberta’s white-hot market to record the country’s only major-market price decreases,” the report said.
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Across most of the country, average house prices rose, but more slowly than the spikes seen in 2006 and 2007. % H5 R `. J0 j4 i; y
$ T; T2 [- ?9 G, s: } ]! }Royal LePage forecasts the national average house price to rise by 3.5 per cent, to $318,000 by year’s end. : K3 ~3 E' @" Y# t& {
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The report predicts home sale transactions to decrease by 11.5 per cent to 461,000 unit sales by year’s end. |
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发表于 2008-7-17 20:06
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