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Luxury home sales plummet3 k3 Y4 |, b) Z' [5 P/ q) u- T( I: v5 _' c
Slow economy blamed for drop
8 x1 V5 N# u# w/ jThe Edmonton Journal8 R; F; c- `: ? F7 t+ @
Published: 2:33 am# ~* S1 z" h5 Y* u1 M: Y
EDMONTON - Sales of luxury homes in Edmonton dropped 39 per cent in the first seven months of the year compared to 2007, says a report released Thursday.4 F) h$ T- S) s& f
5 U# \% c( I9 X8 G5 kReal estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.
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Sales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.1 R8 h* T8 j" _! ?
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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The top price for an MLS sale this year was $2.25 million, while the highest-priced listing is a $6.9-million property in Crestwood. A $1.39-million property in Strathcona is the highest price condo on the market.: z4 t- s9 [/ m9 J) O: \( _/ Q
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Re/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.+ {- r/ ?0 q3 @5 X+ n
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Besides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.- d, n- }: s1 K9 b% p* {
* j& w2 e A) _1 J* _2 LHowever, the real estate organization said strength in this market segment is not expected to last.5 y' G, B4 }7 d0 E c' X
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"The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation and job transfers all factors contributing to stability in this segment," Michael Polzler, Re/Max's executive vice-president for Ontario and Atlantic Canada, said in statement.- N' l* ^5 d- |" U
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But financial market conditions and more higher-end homes being put up for sale are expected to curtail both sales volumes and price levels in the coming months, Re/Max said.% v) s# s# I% e
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Elton Ash, Re/Max's executive vice-president for Western Canada, said, "We are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth."/ T( Q6 X: J/ m7 i" Q
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In terms of growth in upper-end homes sales, Regina saw the most proportionally this year at 306 per cent. Winnipeg was next at 89 per cent, followed by St. John's, N.L., at 78 per cent.. O$ v- }4 ^- I4 f4 ]
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Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.- G1 g3 e* b* J `) j6 e0 O4 ~
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It ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.
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+ {# g" _. ]( e) k( y© The Edmonton Journal 2008 |
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