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Luxury home sales plummet. f/ p6 G3 | t! N+ C2 \, p
Slow economy blamed for drop( F; H/ @# C( o4 P
The Edmonton Journal1 q' j" M9 ?) ^: p9 [# s5 w& _! P
Published: 2:33 am: |" n0 {3 z( Z& \; r' W
EDMONTON - Sales of luxury homes in Edmonton dropped 39 per cent in the first seven months of the year compared to 2007, says a report released Thursday.
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( c) y* M2 U9 j4 C9 zReal estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.+ N3 D2 n% c: Y/ T% A
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Sales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.) I, _) }' \6 Z- b: y% r* R6 v
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The top price for an MLS sale this year was $2.25 million, while the highest-priced listing is a $6.9-million property in Crestwood. A $1.39-million property in Strathcona is the highest price condo on the market.
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: r2 @( |7 i, U3 q$ i+ d2 F0 ZRe/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.) a% T' M+ P( P2 f# @' s9 n0 N
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.
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1 _. x4 c4 u6 \9 M) FHowever, the real estate organization said strength in this market segment is not expected to last.
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"The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation and job transfers all factors contributing to stability in this segment," Michael Polzler, Re/Max's executive vice-president for Ontario and Atlantic Canada, said in statement.. n z8 k* ~2 L% a b& P4 J$ a
' L" N! d" Z2 h6 W8 c% h9 MBut financial market conditions and more higher-end homes being put up for sale are expected to curtail both sales volumes and price levels in the coming months, Re/Max said.# a& Q8 u) }& H8 j
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Elton Ash, Re/Max's executive vice-president for Western Canada, said, "We are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth."/ d0 [* ?2 R) U5 D `& e
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In terms of growth in upper-end homes sales, Regina saw the most proportionally this year at 306 per cent. Winnipeg was next at 89 per cent, followed by St. John's, N.L., at 78 per cent.# m+ |4 C4 [1 l) e
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Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.; ~/ x0 j& K8 A' Z# c3 a
; G% L" w7 Q; L1 i" zIt ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.1 F2 w* {. h, n+ |0 L# x
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© The Edmonton Journal 2008 |
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