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The Edmonton Journal) e8 ~6 u3 \, P
Published: 2:50 am# w4 C4 Q, I! P2 v/ \: d
EDMONTON - Edmonton home prices will rise only 1.5 per cent in 2008, says a Re/Max forecast released Wednesday.
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( Z$ q# ?! w9 s! F+ ^"The urgency has gone out of the marketplace," says Bill Briggs, the broker at Re/Max Central in Edmonton.9 Y( h* ]( l, u& |5 n4 D4 Z9 S
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"In the last couple of years, if buyers saw something they liked even a little bit, they had to put an offer on it or it would be gone," he says.1 l% ~' G ^- l$ l e4 A
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/ K# g0 |$ v1 ]+ O, ]"Now if they can find a realtor with a full tank of gas, they can look at 30, 40, or 50 homes before making a decision."; y# }! F! C' r; h' k! `# Q3 J
8 h$ J$ n, z' d* O' K0 H( rRe/Max predicts that the average price for an Edmonton home will rise from $330,000 in 2007 to $335,000 in 2008.
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& k! [. l! \% ^4 x+ {/ W! c( ]6 A"I think we should be conservative, given the inventory," Briggs says. D9 n1 m3 [- A/ ?2 @( t+ K' y. p
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In greater Edmonton, an estimated 12,000 homes now are listed with the Multiple Listing Service or for sale by owner. Briggs expects that number to decline because "a number of sellers were testing the market, were not really motivated to sell, and now are taking their houses off the market."! d8 H: O- p$ z8 f5 Z: C
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He thinks the strong economy will keep prices close to current levels.$ q6 \5 j- |$ a3 {
% L% C3 ^' k; }' p5 {9 LThe energy industry's reaction to any royalty changes, could affect the housing market, Briggs cautions.4 I# y( p. _* Z7 c( z
4 S6 R$ |; D4 B: P, Q- YRe/Max predicts moderate price increases in most Canadian cities, and no decreases. |
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