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Alberta homes prices down from 2007
A sign of the cooling housing market in Alberta was evident in numbers released by the Canadian Real Estate Association today showing the average MLS sales price in the province in April actually declining compared with a year ago. The CREA report said the average sale price in Alberta was $353,515 last month for all residential properties - a decrease of 1.7 per cent from the $359,640 registered in April 2007.
It was the first year-over-year monthly decline for the province since July 1996 when it decreased by 1 per cent. The number of sales throughout the province also fell by 23.2 per cent - 7,803 units in April 2007 to 5,996 in April 2008 - while new listings soared by 25 per cent - 14,017 last month compared with 11,213 a year ago.
Nationally, the CREA report said the average MLS sales price rose by four per cent - the smallest year-over-year price increase in over six years - to $317,619 from $305,499 in April 2007.
Across the country, sales dropped by 6.2 per cent compared with a year ago (52,385 units to 49,114) while new listings increased by 20.3 per cent (82,501 units to 99,248).
CREA said the number of new listings for homes for sale on MLS in Canada reached its highest level ever in April. Two new properties were listed for sale for every home that sold through the MLS system, said the national organization.
"This price trend is in line with the association's projections for the balance of 2008," said CREA president Calvin Lindberg. "Price increases are now maintaining at levels that are historically more consistent with the Canadian real estate market.
"There are more listings on the market which means more choice for the buyers. That also means sellers have to pay more attention to how they price their home."
The association's chief economist, Gregory Klump, said new listings are trending higher in Calgary, Vancouver, Edmonton, Toronto and Montreal - the country's five most active markets.
May 26, 2008 in Canadian Real Estate Market | Permalink
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Comments
open the link please
Posted by: Bob | May 29, 2008 3:25:46 PM
priCes, not priZes, please!
homes are not priZe's by any stretch.
Posted by: | May 28, 2008 2:04:23 PM
About No Name Comment: Are Mike and Bob the same persons? I am positive that are not same.
Because I am Mike,only.
And again about house prizes in Canada. When you within 3 years increased the prize in Calgary over 150K,and than you decreased for 1.7 % or 7K-9 K and Current situation is less demand between 20% to 40% and "it's remain Buyers market".
Hmmm,you can sell it to somebody in Alberta or Ontario but real house value is demand only, and if resale volume is the same as in 2003 than the real value is the same as 2003.Period.
The Banks and Real Estate Brockers had created the worst monster in 2007, Zero down+40 years mortgage + 7% cash back+ paying only interest?
We saw "Hot Market" in 2007,but now is Over with this fake market,so from April 2009 to 2011 many Canadian Lenders will fell pain and losses.
Or now we can expect new Idea: "100 year mortgage" plus 15% cashback and Zero down. Be sure the house prizes will going up at least 100K and will have again one year very "Hot Market" but the pain and losses will fell next 99 years.
Posted by: Mike | May 27, 2008 3:16:35 AM
Does anyone else think Mike and Bob are the same person? Pretty unlikely that two consecutive people will talk about house 'prizes'.
Posted by: | May 26, 2008 6:37:58 PM
Future Home Owner in 2008 and 2009 will get return with fears,because the fake Market in Toronto,Vancouver and Alberta is too,too much overvalued. The Home Prizes will see corections next year with the same value of homes as 2003.
If still somebody think that the prizes will going
up with decreased resales,increased inventory listings and 'still prizes going up' in BC and ON than welcome and buy the overvalued dream property.
Posted by: Bob | May 26, 2008 3:38:31 PM
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