Double-digit declines for Edmonton home prices

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EDMONTON - While average resale home prices across Canada nudged upward in the third quarter, Edmonton saw double-digit declines from last year in bungalows, two-storeys and standard condos, says a report released today by real estate firm Royal LePage.
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The average Multiple Listing Service sale price for an Edmonton bungalow fell 11.8 per cent to $326,429 compared to the third-quarter of 2007, says the market survey.

5 r3 l* P5 w' [  b- A. K5 gTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.


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0 c* s* a2 g; ]$ w6 ?Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.

- X8 I8 x/ Q9 a4 _3 d* zAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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* c- h( ]6 J; E5 y9 Q+ E! @Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.

3 a; V, G8 ]$ V! y. _4 H+ \6 i" lPhil Soper, Royal LePage president and CEO, said Canada's housing market is fundamentally different and stronger economically than the U.S. market being shaken by the sub-prime mortgage crisis.
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0 C5 F7 Z8 ]+ S. ^* n' g"Average house price appreciation curves are beginning to flatten, but this is a completely natural reaction to the explosive gains that characterized the market earlier this decade," Soper said in a release.
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: }9 _2 B1 X& U- o" b& L. v! Z. XThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.
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, u' n3 E/ i. k! M4 g. U+ u2 O"As such, the recent price decline is merely a correction to the dramatic run-up in prices that both Edmonton and Calgary experienced in the past few years," the report said.
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The survey said the year-over-year drop in the Calgary market varied from a decline of 8.7 per cent for a standard two-storey home, 8.2 per cent for a standard condominium and 6.2 per cent for a detached bungalow.
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/ B6 R) [, D( G4 B: v( y- [! K, cbmah@thejournal.canwest.com