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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.# B5 c7 Z- m2 ]+ d2 E, _. o

" d7 @5 ?8 |& J% X6 F" hThe 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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6 t# Z( z. N' ]; s" OTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.' G+ T# g8 Q% y0 ]3 d

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Font:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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% V8 b$ G5 @* R) j7 R1 uAcross Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.
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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.- e" {! {1 T. d, U' O9 W- O  k

9 t, L, `/ m$ `  i/ p"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.$ Q" W, B, r) M# f" `% j
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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.$ z2 S6 ?) N- P. C+ e  ^/ ^9 c
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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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