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Double-digit declines for Edmonton home prices

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发表于 2008-10-6 10:43 | 显示全部楼层 |阅读模式
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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 $326,429 compared to the third-quarter of 2007, says the market survey.
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8 ^7 A- `$ W4 n) `/ W2 J- u+ QTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.
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Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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  _2 p1 O; G6 K" eAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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4 [. b% [5 T6 ]; R- w7 f- ~0 t" d. YStandard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.- P4 @/ K6 J+ ]% `
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Phil Soper, Royal LePage president and CEO, said Canada's housing market is fundamentally different and stronger economically than the U.S. market being shaken by the sub-prime mortgage crisis.
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"Average house price appreciation curves are beginning to flatten, but this is a completely natural reaction to the explosive gains that characterized the market earlier this decade," Soper said in a release.- g4 X/ D7 E, h$ g; x; J! h

, X- p8 n& h9 ^' x* a! SThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.2 D* F+ u1 `+ o6 V% V6 J: A
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"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.) U( k" @' E1 N6 J' D# O
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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.( F/ y$ P- t4 g' m" E
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bmah@thejournal.canwest.com
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