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Luxury home sales plummet" M) e1 ~2 K7 c/ p; p- l
Slow economy blamed for drop
: x! J# E O+ X& s) p7 rThe Edmonton Journal5 P+ d' j0 Z! |- v- j
Published: 2:33 am! L. J" D' Q5 V: X
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.7 l7 j0 S K z p" }4 z
D8 _& C7 x# E: W9 ~4 V, V: ?Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.: |8 L' g j# r' z X+ Z: ^
# J" u5 f! g$ |0 N( JSales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.) a3 d" ^# f' h0 ^: U5 q) F: ?
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$ m6 p9 C9 @5 `( u: [: c# |, UFont:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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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 $1.39-million property in Strathcona is the highest price condo on the market./ x, O* M: G4 H& K
% J5 t2 O/ E' b+ n$ W+ R# LRe/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.' i$ _$ m. J7 f; g. |4 P# W6 ]
# Y/ d4 n7 j" x' BIn Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.+ l, k. ], u* D. S* z2 i
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.
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- t7 K6 e$ T- pHowever, 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.
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2 P; H, [, F8 UBut 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.; z; p) ?1 q# D D' L
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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."
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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.
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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./ L3 W1 D9 Y# R# R |' ?
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It 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.
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, \% f. w: l2 ~1 F+ Z© The Edmonton Journal 2008 |
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发表于 2008-9-26 11:54
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