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Luxury home sales plummet
% \' v! y' R" C4 JSlow economy blamed for drop7 A" u$ S. S9 ?+ h% N- I6 x
The Edmonton Journal
; N$ J1 O3 M6 R9 qPublished: 2:33 am6 j8 Y( E0 Z. k! O
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.2 O+ L( a& u' [) |+ Z) H) R+ f
! {) ]4 N( M* L! }+ _Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.
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% O& n% y5 X$ ?+ M. f$ USales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year. G$ ~) \9 u4 j1 Z4 M
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& J% s* I. a) M. r& t E4 K7 a% XFont:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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( o3 X- l8 V: N$ OThe 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.6 H' `' l" w! S/ z1 ^
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Re/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.: D% }" a; H; }# a8 R9 P
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.7 B) y5 }( \& }$ [1 T: c
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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.2 ~3 i @; H) s0 e( U x
8 z- a; r4 \; _3 u' s, ~& D& N* 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.
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But 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.
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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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* y! I5 G# C0 U- ?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.
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) h+ d" a3 Y. ]$ G/ @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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© The Edmonton Journal 2008 |
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发表于 2008-9-26 11:54
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