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Luxury home sales plummet
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5 C1 b$ a! K; b6 UThe Edmonton Journal7 ] O! W1 k4 C, c
Published: 2:33 am
9 x# R4 k( Y3 LEDMONTON - 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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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.7 v: w& Q4 l5 M# m2 R0 p
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Sales 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." {1 z( d( \/ z. J
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5 J: p9 {, z- oFont:****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 $1.39-million property in Strathcona is the highest price condo on the market.0 G5 W# U- Y/ X M0 l$ N" i
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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.( \4 ]2 M9 o7 U0 K: _8 `
1 `# [3 Q Q6 L% UIn 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.
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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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! X" ^6 M& k+ N; f( YHowever, the real estate organization said strength in this market segment is not expected to last.) z" y+ ~7 z7 d0 I, C
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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.7 g1 J- A; a" y* M# ]( N
# K* N A/ g6 e/ {( `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."6 {( U" W% A& P! Z3 m+ r1 T
@# x i. T% }/ V1 ^0 W5 Z" K9 C8 vIn 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.9 r/ h5 k8 f' E) ] w) O2 O8 b
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It ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.
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+ \# d- ?$ P/ k6 _© The Edmonton Journal 2008 |
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