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http://www.edmontonjournal.com/H ... /1248520/story.html
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EDMONTON — Edmonton’s resale housing market sales kicked off the new year by stumbling out the gate — with residential MLS sales down 40.5 per cent compared to January 2008., n$ R* g1 z9 c7 @8 E$ g
/ P; _% n1 M9 M9 K; P j% A k1 MEvery indicator fared worse than it did in January of last year, showed Multiple Listing Service figures released Tuesday.- H x$ V4 O5 O- o/ n( P
$ K. C3 X/ ~2 I- Total MLS sales plunged 40.9 per cent.8 |7 s% r% c+ v* m* W
7 I7 `5 s- u% l- Value of total sales for the month was $265 million — down 42.4 per cent.6 A- ?5 w+ S% Z+ e9 t
2 N# r# w- T9 ^1 E) R5 m- The single-family home average selling price fell 7.1 per cent to $352,689.+ _, w3 A5 H. O
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- The average condo selling price dropped 7.5 per cent to $238,535.0 r( W. e0 h0 J- V. q. `
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- In the single-family market, there were 502 houses sold, down from 767 in January 2008.
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4 ]# g& l8 w. D: e- For condos, only 189 sold in January compared to 363 a year ago.: `! x- [+ t. k5 [) k' ^4 v3 V
/ j& D0 B+ r3 ~For all that, Charlie Ponde, president of the Realtors Association of Edmonton, sounded optimistic, if cautious.% y1 B5 ?6 V4 R1 j( M* R& H+ [
3 }& ~/ T4 a1 m- A& aHe looked on the bright side, the month-by-month comparison — January figures were modestly better than December’s gloomy statistics.8 @! Q! J3 C0 k1 _+ E2 a
+ P7 I9 w' A5 h3 o1 C3 _, ^1 MMultiple Listing Service figures released Tuesday showed 730 residential properties sold in the Edmonton region in January, up from 608 in December.' b* q3 f% |* G* j; C9 {
2 f9 _8 p! @! s/ d9 q1 j# jSales prices were also up in all categories as compared to the previous month. The average price of a single-family home in January was $352,689 — up a quarter of a per cent compared to December. Condo prices nudged up 1.8 per cent to $238,535 and duplex/rowhouses rose 2.2 per cent to $299,222.
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“Nobody rings a bell when prices hit the bottom,” he said. “The bottom is evident only after several months of rising prices. One month does not make a trend but the market is certainly welcoming to home buyers.”
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He pointed to interest rates which have fallen to their lowest in years, a large selection of homes and recently introduced federal tax credits for home renovation and a change in the amount of RRSP savings that can be applied to a first-home purchase — now $25,000 up from $20,000. |
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