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EDMONTON - Prices for resale homes in Edmonton will continue slipping in 2009, but the end to the slide is in sight, says a new Canada Mortgage and Housing Corporation forecast.
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2 t* z8 y& t. s# M! v5 }Multiple Listing Service home prices for 2008 fell by 1.5 per cent to $332,853, said the CMHC’s Prairies Housing Market Outlook, released Thursday.
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6 c. x0 g$ g, V1 u: E& f9 \It said a buyers’ market pushed prices downward on a month-over-month basis for much of the second half of 2008.
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“As such, sale prices will begin 2009 well below the overall average for the previous year,” said the forecast.. `, K$ R, Z0 u: h3 s, n
0 E7 Y% C+ J k" r5 ^“With fewer listings expected in 2009, the market should become more balanced.”
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The federal agency predicts this will allow average residential resale prices to stabilize and begin to increase month-over-month.
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“Despite this turnaround, the 12-month average price in 2009 will fall by 5.4 per cent from the previous year to $315,000.”6 C u+ j! U M5 |
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But that’s where prices hit bottom, predicts the agency.
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9 t/ c$ S1 L/ B0 n2 Z+ d, x: R3 AIn 2010, it says prices will rise steadily over the year with the annual average reaching $325,000 — a gain of 3.2 per cent over 2009.
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# |/ N) K4 f: a2 L( @The outlook also says a weaker economy and soft resale prices will keep housing starts low in 2009. Last year, single-detached starts fell by 66 per cent to 2,613 units — the smallest number since 1995.' _5 x# x' J2 @$ {
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Multiple-dwelling starts will also remain weak due to rising inventories of condo apartments.4 ?8 Q6 A) y" E+ u2 b5 ^* ?& X
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Existing home sales on MLS fell 15 per cent year-over-year in 2008 to 17,371 units. That was the slowest year for realtors since 2003. The report predicts MLS sales to fall another eight per cent in 2009 to 16,000 units with a rebound to 17,000 in 2010 as the economy improves.7 j, q N. ^" M8 N
6 ]+ V) {7 Z; e5 d/ ~& v$ XIn the rental market, the CMHC said apartment vacancies in greater Edmonton are rising despite low construction because condo apartments are being rented out by investors.2 T: _1 o2 P# r7 l
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It predicts overall apartment vacancy to increase to 3.5 per cent by October, up from 2.4 per cent the same month in 2008. The rising vacancy rate will “help to temper rent increases in the coming year.”
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The average rent for a two-bedroom unit is expected to reach $1,070 in October, up $36 year-over-year.7 C& ?- m# E6 J0 t
@' i5 j; Y: V' ~# @8 P6 obmah@thejournal.canwest.com |
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