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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.7 M& ?! m/ N ^. k6 n
$ }4 H- C; i" ]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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Two-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.8 L3 S+ d' f0 }" k
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% x% `0 R! I- ^. KFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.+ q& U! {/ e- D3 J _
* c6 d( b6 P' F- OAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.' o, o: D+ ?* v; b
( ?) ]# `+ A+ {+ tStandard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.0 G5 N4 j2 s5 k' @
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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.5 E. J, k, N3 H; ~; m
$ U3 O8 I1 r( ?"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.
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The report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.
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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.7 A7 S2 o8 {* w' X: g0 I8 W
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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.
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bmah@thejournal.canwest.com |
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