First, consider overall housing prices in Calgary and Edmonton. In both cities, prices in June are off only slightly from the peak record highs reached last July. They're down 3.6 per cent in Calgary, and 3.8 per cent in Edmonton -- hardly a sign of collapsing prices. In fact, for a full year now, prices in the resale market have been remarkably stable.
Let;s look at Edmonton here. The statistic used is for average price for all properties which dropped from $354,718 to $341,376. However a look at prices by most any other measures would totally invalidate the article.
Some other numbers of price drop July 07 - June 08 from
Realtor Association of Edmonton (Edmonton CMA)
SFH Average $417,150 to $381,384 -8.6%
SFH Median $395,000 to $365,000 -7.6%
Condo Average $271,908 to 262,365 -3.5%
No Condo Median available
From Bob Truman's site (Includes Edmonton, St Albert, Sherwood Park, Spruce Grove, Stony Plain)
SFH Average $442,753 to $399,604 -9.7%
SFH Median $410,000 to $368,000 -10.2%
SFH Price per square foot $321 to $280 -12.8%
Condo Average $275,905 to $261,318 -5.3%
Condo Median $269,000 to $245,900 -8.6%
Condo Price per square foot $285 to $257 -9.2%
Here is a breakdown of Edmonton regions YOY price change. I didn't hav access to July 2007 regional prices.
|Edmonton Regional Prices for June 2008 (detached) |
I wanted to rip on the article more... but I really don't think anyone takes the Edmonton Journal seriously anyway.