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Average sale price of Alberta homes down from 2007
6 s& I9 s0 H7 B$ D, BMario Toneguzzi, Calgary Herald
. c X% h; w+ |- M! P3 T5 K$ YPublished: Friday, May 23, 2008
; |/ [0 x2 j- h" ^CALGARY - 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.4 R6 Y. ^6 l$ E% f3 s0 ~
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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 2007.8 H: O/ o6 J1 m' T1 F+ v) C
, Q" A3 D- e% Y7 Q. O8 HIt was the first year-over-year monthly decline for the province since July 1996 when it decreased by 1 per cent.
; S2 A& J |2 E! I; c5 sThe 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.
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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 $305,499 in April 2007.6 ~; l+ E a; I+ ?# _! |5 a* N/ T
5 f! {6 F# x& s6 g e0 hAcross the country, sales dropped by 6.2 per cent compared with a year ago (52,385 units to 49,114) while new listings increased by 20.3 per cent (82,501 units to 99,248).5 K6 R3 [- u e0 U3 w g5 Y
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CREA said the number of new listings for homes for sale on MLS in Canada reached its highest level ever in April. Two new properties were listed for sale for every home that sold through the MLS system, said the national organization.
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" n6 G* U/ l& K1 L' C j0 `# j"This price trend is in line with the association's projections for the balance of 2008," said CREA president Calvin Lindberg. "Price increases are now maintaining at levels that are historically more consistent with the Canadian real estate market.
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"There are more listings on the market which means more choice for the buyers. That also means sellers have to pay more attention to how they price their home."
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$ H$ X* z; ^7 @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.
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2 x+ N: ^3 Y/ p"New listings are forecast to rise further as sales activity continues retreating from the peak last year, resulting in an increasingly balanced resale housing market and smaller home price increases," he said. mtoneguzzi@theherald.canwest.com |
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