Edmonton home prices fall
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06/09/2010 8:03:00 PM
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Single-family home prices fell for the second straight month in the Edmonton resale market in August. Meanwhile, condo prices continued their decline.
The average single-detached home sold for $372,253 in August, down 1.96 per cent from July, according to Multiple Listing Service dated released by the Realtors Association of Edmonton last week.
"At the beginning of the year, there was a fear that the Bank of Canada would be ratcheting up rates quickly and mortgage rates would go up," said Lai Sing Louie, Canada Mortgage and Housing Corporation's regional economist, to the Edmonton Journal. "They haven't gone up quite as fast as people expected, but at that time, that got a lot of people to buy. That sense of urgency appears to have dissipated."
Average condominium prices also dropped 2.99 per cent to $232,230, down from its April high of $253,788.