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House prices face another leap in 20077 \& ~1 j" s5 D- w$ x
Ten-per-cent rise predicted for city
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! U& Q8 l# G: o* p5 dCanWest News Service
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Thursday, October 19, 20067 y4 b8 e& K1 F! @! P
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$ U" \3 e" D7 Z' p u' v# TOTTAWA - Edmonton home prices will rise 10 per cent next year -- double the national average -- as increasing supply hits the market, a major real estate firm predicted Wednesday. k0 }0 W1 o% R6 R" O) h3 f" C7 v5 R
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Prices will average $265,900 in 2007 after jumping an estimated 25 per cent to $241,750 in 2006, Re/Max said in its latest housing price outlook.
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, Y6 b) L" Z' ^6 h7 kEdmonton residential MLS sales are projected to rise five per cent in 2007 to 21,300 after jumping nine per cent this year. The city trails only Saskatoon, with a seven-per-cent increase in sales expected next year.4 o3 l' A% z% W& t: [$ j C/ _ e: t
' H% h7 y. C2 Y( \" V6 WCalgary is the only other major Canadian city expected to record double-digit price increases in 2007 with a 10-per-cent boost pushing the average to $385,000. Prices are projected to jump 40 per cent during 2006.
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"Homebuyers across the country will breathe a sigh of relief in 2007, thanks to a nationwide influx of new listings that is expected to slow price appreciation in major Canadian centres," Re/Max said.
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After four years of double-digit gains, the average price of a home is predicted to climb a modest five per cent to $290,000 next year, it said.
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% Y4 P, l% R$ _* O0 b: d8 mAll but three of the 17 cities it surveyed -- Kitchener-Waterloo, Ont., St. John's, Nfld., and Charlottetown -- will see further home price increases next year ranging from three to 10 per cent, it said.
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The report noted affordability, especially in Edmonton and other western cities, is eroding. "Affordability is one of the more serious issues facing today's real estate consumer," said Elton Ash, Re/Max regional executive vice-president for western Canada.
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, m- X0 D9 ~/ }8 KBuyers, however, are responding by considering alternatives to single-detached, he said. The introduction of longer-term mortgages -- up to 35 years -- is also helping buyers cover the higher costs. And Re/Max forecast that there will be a decrease -- or no increase -- in sales next year.
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* G0 J7 |& C# B5 ?6 D# T: b( FWhile the outlook said the Canadian housing market will not deteriorate as the U.S. housing market has, Statistics Canada reported Wednesday that the housing sector has gone from being one of strongest leading economic indicators last spring to one of the weakest now.
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© The Edmonton Journal 2006 |
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发表于 2006-10-19 12:19
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