Double-digit declines for Edmonton home prices

qbxl400

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.
2 \4 ~' m  f5 L6 j/ Q' M
9 O5 F# X! [" 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.

! Q5 ^3 H4 W  J% [' z" XTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.
7 R+ T3 Y/ l0 m% ~

Email to a friend

Printer friendly
! t1 E' K  X8 R$ aFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.

Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.

Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.
, Z5 n: ~1 ?7 }1 k. m; V8 r
Phil Soper, Royal LePage president and CEO, said Canada's housing market is fundamentally different and stronger economically than the U.S. market being shaken by the sub-prime mortgage crisis.
) V! j9 j0 j' K! O9 w' @% w$ Q; W% i2 W
6 Z4 ]1 e1 G% V5 I. I: U' B( g  @. s"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.

The report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.

% C1 g/ j6 g# L! n3 E3 u0 P"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.

1 X5 @1 y8 o/ q' ?( h2 T( O) |) ZThe 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.
: b+ T/ b: o& x4 m+ n
) |& d6 m$ E* }& V5 s. jbmah@thejournal.canwest.com