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Luxury home sales plummet
* Z% q, a# U1 d) e/ sSlow economy blamed for drop( f O# b4 F9 U0 T! b7 ]
The Edmonton Journal
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: y0 P: P( d. b6 d% y7 s$ YEDMONTON - 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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$ x' L" U$ E- D, C5 s. Q& y ^Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.: `0 \3 _9 [0 \- x
: y$ o$ k9 q: V5 z9 j* TSales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.6 r- M1 d* D; \
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.7 p9 { @2 T; {
: p$ G3 W. K. J! AThe 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.+ b* S2 M) N6 m0 Y0 @3 A, ]
2 x0 H& b7 d& `, b- X/ F0 ~Re/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.. t/ |" o* z) K1 U
- g/ E5 H0 ?' NBesides 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.) j# p' k: ?8 x
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However, the real estate organization said strength in this market segment is not expected to last.
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4 [6 }; k7 @+ e3 ~7 j7 A& K% K"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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# `! Y% V9 w/ p7 T# j1 J: @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.9 [8 `9 x, [; 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."# }1 |9 H; n" d2 F
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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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. W& k) i J6 N4 ~) hEach market has a different price point that marks what Re/Max defined as the start of the luxury-home category.
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( {: w; N( P' |$ \2 SIt 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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