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October 19, 2006 ) N4 o8 D3 F- _% z7 z
: `- O. g4 Y- }: k1 i2 DTorrid! Hot Alberta house prices to continue
% r; C* d' Z7 e2 j# U1 P- \By IAN WILSON AND TIMOTHY LE RICHE, SUN MEDIA5 b. n. y8 F1 G/ N
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Residential realty prices will rise faster in Calgary and Edmonton than anywhere else in the country next year, according to a forecast by ReMax. - Y2 K5 d1 O& J& T5 n: Z
1 w- G. P# V9 I" WThe real estate organization is predicting the two Alberta cities will lead the nation in price growth for a second straight year, but "more balanced market conditions" are expected to emerge in 2007.
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6 A: ]! Y8 f8 `9 u, l( B3 nIn Edmonton, prices are expected to rise an average of 25% this year and 10% in 2007, said ReMax. That would result in an average home price of $265,900 next year. Sales in Edmonton are forecast to rise 9% in 2006 and 5% next year, resulting in 21,300 residential realty transactions.
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"We've had shortages of listings - more buyers than properties to put them in," said ReMax realtor Bill Briggs. % \& ?1 H0 l4 [) Y+ e
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"I don't see anything in the Edmonton marketplace that's going to change. We've still got the massive investment in northern Alberta, interest rates are still very affordable, and there are still shortages of workers. We'll continue to have people come into the province."
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* D' h9 m$ E, s1 ~% yBriggs accepts 10% price increases for next year as a fair guess, but said: "I don't know that we can sustain the types of increases we've had in the past year." 4 U, z0 v$ r: s& ?0 I# K2 E
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It's anticipated home prices in Calgary will have climbed an average of 40% by the end of this year and ReMax is calling for values to jump another 10% in 2007 in that city as well, bringing a typical price tag in Cowtown to $385,000. 5 `' e# z4 P: g v
- f/ E6 @0 \0 j. p% b"While the dramatic increase in price year-over-year has given some purchasers reason to pause, the anticipated 'correction' in prices is not expected to occur any time soon," said the report. 2 o9 Q, Y9 ]2 Z2 [
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Affordability is a major issue, said Elton Ash -- executive vice-president for ReMax's Western Canada operations -- but buyers are "getting more creative in their approach to home ownership, considering alternatives to single-detached homes such as semi and row housing, townhouses and condominium apartments."
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( w* d) k; ?1 m& j5 [Other strategies include purchasing outside of the city centre and getting mortgages with a longer amortization period.
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Yesterday's ReMax report is the latest in a series heralding Alberta's blistering hot real estate market. + W: l: ]3 {) z& c: h
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On Tuesday, the Real Estate Network ranked Edmonton as the province's most friendly city for investment. Last week, Canada Mortgage and Housing reported a 25% increase in the number of houses under construction in greater Edmonton in the first nine months of the year compared to last year - with no slowdown in sight. |
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发表于 2006-10-19 19:13
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