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January 11, 2007# J; k: @/ t. ?4 M! o, h; g
Edmonton House Prices to Climb 15% in '07, B: n/ a( d$ _5 \
Our readers are getting to the news faster than we are! Thanks to "Arun" for finding this article on the Edmonton Journal this morning. Each year the Edmonton Real Estate board hosts a housing forecast seminar. In November CMHC hosted a similar seminar which we attended, and reported that CMHC predicted housing prices to increase by 10% in '07. Seems CMHC is still predicting that 10%, even after prices went up 5-7% (depending on the type of home) in one month (December). Carolyn Pratt, the newly instated president of the Edmonton real estate board made the bold prediction of a 15% increase at the seminar yesterday. That's right in line with what we've been predicting at Coldwell Banker Johnston for the past few months - an overall increase of 10-20% in '07. Here's the article:
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1 u: S& g; T F: p4 _( U+ wHouse prices will climb 15%
% p6 I5 G: ?9 f2 HFor many, condos now only affordable option
2 R8 z$ @0 C; F @Ron Chalmers, The Edmonton Journal
% ^9 o5 n) a3 _, Y! r0 k* ~$ H) p1 sPublished: Thursday, January 11, 20072 {/ U. a$ j/ I
: j* A4 k! F7 n7 ?# [" EEDMONTON - Resale home prices will rise 15 per cent in 2007, Edmonton Real Estate Board president Carolyn Pratt predicted Wednesday at the board's annual forecast seminar.
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7 a: u) K0 S: ^& l+ A8 \0 ZThis would bring the average price of single-detached homes to $393,223 -- and beyond the reach of many buyers -- by year-end. "While the suburban dream of a single-family home still dominates in Edmonton, condominiums are being considered by a full range of demographic groups who are seeking both lower entry costs and a simplified lifestyle," Pratt said.
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" g9 [- o' N! X |# O9 t) R8 W% yIn 2006, 62 per cent of sales were of single-family homes, with condos capturing 31 per cent of the market. The balance was divided among row houses and duplexes.& a* c* |& d) Z' I6 X/ ~
0 v* m% i2 c5 N# r, s; b! _Richard Goatcher, senior market analyst for Canada Mortgage and Housing Corp., was slightly less bullish.
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"I'm hoping that we'll see (increases) closer to 10 per cent," he said.
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"Supply will be higher in March and April than it is now," Goatcher said, because many new houses that now are being built will be completed -- causing buyers to sell their current houses.
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Goatcher predicted that rents, after rising 10 per cent in 2006, will climb another 12 per cent in 2007 because of low vacancies. "It's pretty disappointing. The number of starts has dropped off because of costs."* `" X: m8 I* f- ~- |$ G7 L
: Y9 D3 F! x3 z7 D7 s+ U3 H3 {, IPratt pointed out that "increases in price have made housing unaffordable to a large group of people."
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This problem has been compounded by redevelopment, she said.2 S, e- w$ X. s( {0 V
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"In some cases the value of the land under rooming houses and slum housing has increased to the point where the owner can redevelop," she said." k) S5 a. n% ~2 e! b) w! h; k7 Z$ n
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"This removes housing stock for the socially disadvantaged and chronically poor portion of our population."
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Realtors cannot fix that problem -- which is forcing more Edmonton residents to live on the streets or in shelters, Pratt said -- but they can "influence the various levels of government to provide assistance" in delivering the basic necessity of housing.
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The board's forecast seminar, in the Westin Hotel, was sold out. It attracted more than 500 of Edmonton's 3,100 realtors. |
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