- Improving economic conditions and low interest rates create balanced market for the beginning of 2010 -
EDMONTON, April 8 /CNW/ - Edmonton's real estate market continues on the road to recovery as 2010 begins, according to the latest Royal LePage House Price Survey. The survey released today, showed encouraging price appreciation across all housing types in Edmonton for both the first quarter of 2010 and year-over-year.
City-wide, standard two-storey homes posted the largest year-over-year price increases climbing 5.2 per cent to $343,571. Prices for standard condominiums rose 4.9 per cent to $208,833, while detached bungalows were up 1 per cent year-over-year to $302,857.
"Year-over-year, prices are up for most housing types in and around Edmonton," said Ken Shearer, Broker, Royal LePage Noralta Real Estate Inc. "Buyers are becoming more active as they begin to regain their confidence in the market and take advantage of low interest rates."
Housing types, such as detached bungalows, standard two-storey homes and standard condominiums all saw year-over-year price increases from as small as only a few per cent to over 27 per cent in some Edmonton areas. Detached bungalows increased from 2.6 per cent in the Riverbend/Terwilligar area, rising from $385,000 to $395,000, to increases of 10 per cent in the Sherwood Park area, rising from $300,000 to $330,000.
Standard two-storey homes saw the largest increases from 7 per cent in the Riverbend/Terwilligar area, rising from $346,850 to $370,000, to 27.9 per cent in Clareview, rising from $305,000 to $390,000. While standard condominiums saw increases from three per cent in Clareview, rising from $165,000 to $170,000, to 9 per cent in the Riverbend/Terwilligar area, rising from $200,000 to $218,000.
However, some Edmonton areas revealed no changes at all. Detached bungalow prices in both the Castledowns and Clareview areas remained stable at $260,000 and $250,000 respectively. While areas, such as Castledowns and Sherwood Park for standard two-storey homes and standard condominiums, remained unchanged as well. Standard two-storey homes in Castledowns remained at $315,000 with Sherwood Park remaining at $340,000, and standard condominiums in Castledowns remained at $195,000 with Sherwood Park holding at $280,000.
"We have entered into a balanced market," said Shearer. "Even though our inventory decreased by about 700 units compared to this time last year, resale activity is up thanks in part to first time home buyers entering into the market."
Shearer predicts that home prices in Edmonton will remain balanced through the second quarter of 2010 for most housing types, as long as interest rates remain reasonable and first time home buyers continue to remain active.
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the first quarter. A printable version of the first quarter 2010 survey will be available online on May 7th, 2010.
Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. Historical data is available for some areas back to the early 1970s.
About Royal LePage
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of nearly 14,000 real estate professionals in over 600 locations across Canada. Royal LePage is the only Canadian real estate company to have its own charitable foundation; the Shelter Foundation which is dedicated exclusively to funding women's shelters and violence prevention and education programs. Royal LePage is managed by Brookfield Real Estate Services, and is part of a brand family that includes Royal LePage, Real Living, Johnston and Daniel, and La Capitale Real Estate Network. An affiliated company, Brookfield Real Estate Services Fund, is a TSX listed income trust, trading under the symbol "BRE.UN."
For more information visit www.royallepage.ca.
SOURCE Royal LePage Real Estate Services
For further information: For further information: Jacquelynn Benson, Senior Consultant, Fleishman-Hillard Calgary, (403) 266-4710 ext: 227; Tammy Gilmer, Director, Public Relations and National Communications, Royal LePage Real Estate Services, (416) 510-5783