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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 . - C0 k$ T1 C) }/ t3 Z# z2 X5 }
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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. $ Q; g8 H0 j9 a2 ~5 J& t
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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. 2 p2 D/ x: e* E$ T4 A
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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. + P. Z2 i, z) Q- |* G
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As of the end of Wednesday, there were 11,184 homes for sale on the Multiple Listing Service, according to the Realtors’ Association of Edmonton. 7 ?% E0 L" h, F+ z6 p' ?, @9 V0 M
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But Alberta’s two biggest cities still boast some of the most expensive real estate in the country, it noted.
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6 A- ]* s+ a& x9 {$ q5 V' t2 K4 z“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.” 0 \: v& Z0 b0 n; t
9 ^) Y' l* i) ^# XThe 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 ($374,143), Royal LePage said in its survey of Canadian house prices. + E8 a$ |- z# ]) @$ o: p
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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. ) h. M) L5 _5 u5 W7 |" D: X6 Q- k
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An average condominium in Edmonton was priced at $226,000, down 14.2 per cent from $263,333 in the comparable 2007 period. 5 L2 u) [ m; Z$ F9 T+ F
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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. % k# n6 @. i+ o$ O
: q/ q. f P# e' wAcross most of the country, average house prices rose, but more slowly than the spikes seen in 2006 and 2007. 4 [! k: ~9 n9 ~5 s
7 n$ q( f$ |" P5 S6 c! ARoyal LePage forecasts the national average house price to rise by 3.5 per cent, to $318,000 by year’s end. 4 n8 j% r/ F5 U6 e9 m- X8 s
/ B0 X% q/ j8 X8 iThe 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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