Housing prices in Alberta's two big cities fell noticeably in October, providing a pointed reminder about the sometimes-fragile state of the economic recovery.
In Edmonton, the average price of a single-family home fell to $365,691. That's a little over $1,400 below the average price from October 2009.
Condo prices in Edmonton also declined, and condos were selling for an average price of $235,893, about 1 per cent less than in October 2009.
"Stability is the key word for the Edmonton housing market," said Larry Westergard, president of the Realtors Association of Edmonton.
"Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6 per cent in October, and as it returns to a more normal level, prices will start to move [upward]."
The average all-residential price in October was $317,422 as compared with $327,235 in September. Edmonton listing activity continued to slow, with just 2,269 residential properties added in October.
In Calgary, the average price of a single-family home fell in October to $444,744, showing a 3 per cent decrease from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009.
The average price of a condominium in Calgary in October was $287,793, showing a 1 per cent increase from September 2010 when the average price was $284,028, and no significant change over last year.
"Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary's economic growth and their own job security," said Diane Scott, president of the Calgary Real Estate Board.
from Western Investor, December 2010
