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http://www.edmontonjournal.com/H ... /1248520/story.html
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3 }' j/ L9 x) F- I8 l7 a! {EDMONTON — 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.% L4 n4 S1 a1 l! M3 J/ {1 I: y& G( L
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Every indicator fared worse than it did in January of last year, showed Multiple Listing Service figures released Tuesday." }- T, N: u" N: W- z
/ D+ `$ h! ~$ m s9 }+ y5 p' [- Total MLS sales plunged 40.9 per cent.( `, o8 D! k; w6 S7 l
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- Value of total sales for the month was $265 million — down 42.4 per cent.0 i& Z1 o1 g) d1 {% v$ B) J
g5 q+ j! j3 ]2 ?# [+ Y$ e: r9 _- The single-family home average selling price fell 7.1 per cent to $352,689.
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/ Y- G* X1 |* g- q2 I- }- The average condo selling price dropped 7.5 per cent to $238,535.
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- In the single-family market, there were 502 houses sold, down from 767 in January 2008.- m( o0 U+ I$ H" H& W
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- For condos, only 189 sold in January compared to 363 a year ago.& Q9 G5 @" U% ^
$ r5 d {3 o3 _& n7 fFor all that, Charlie Ponde, president of the Realtors Association of Edmonton, sounded optimistic, if cautious.
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" o" @# y% A9 }' ]. q5 mHe looked on the bright side, the month-by-month comparison — January figures were modestly better than December’s gloomy statistics.# k) ^ b0 c8 K3 P4 f/ Q/ W
+ W# q8 c" g2 o# `6 x1 U& x( L& a) J1 fMultiple Listing Service figures released Tuesday showed 730 residential properties sold in the Edmonton region in January, up from 608 in December./ Y% g' o( n( o' K* n5 m
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Sales 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.: b6 x3 X. E8 ~% |4 i
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“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.”" L! {5 C7 i8 B" c U
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He 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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