Double-digit declines for Edmonton home prices

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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.
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( y5 Q: n, |  A4 x% _+ k% B2 Z( A  yThe 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.

, z" Z5 u9 M, A1 B$ rTwo-storey houses dropped 13.8 per cent year-over-year to $342,857 in the Edmonton market.
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; w' G8 x+ W: zFont:****A standard condominium tumbled 18.8 per cent from last year to $216,667.
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Across Canada, the survey found, on average, standard condos rose by 0.2 per cent to $243,529.
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  m% K8 g" w- }9 q* v  \Standard two-storeys increased by 0.1 per cent to $408,927 while the average price of detached bungalows remained stable at $240,000.

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.
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  V% {% E+ L3 ^* N! C; w"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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& b$ ]0 t3 _) ^, }: t# UThe report said despite dropping year-over-year prices in Alberta, the resource-rich economy is strong and unemployment is low.

/ M; L- ]; o9 F7 u2 f2 [5 H"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.
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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