Edmonton saw a rise in property values while housing sales cooled in Calgary in the closing weeks of 2002. A year-end report from Royal LePage Real Estate Services Ltd. said there was some improvement in Edmonton’s available housing inventory but it’s still low and a seller’s market persists.
Softer demand has also lowered the frequency of multiple offers on individual properties.
The standard bungalow in the provincial capital rose 13.9 per cent to $164,571.
The standard bungalow’s price rose 1.1 per cent to $185,000 in Riverbend-Terwilligar, 19.3 per cent to $167,000 in Castledowns and 21.4 per cent to $170,000 in Sherwood Park.
Meanwhile, Calgary isn’t out of a seller’s market yet, said Ted Zaharko, broker-owner of Royal LePage Foothills.
There is still a shortage of listings in Calgary, although the market is softening, as it usually does at this time of year.
“As expected, the sustained upswing in the housing market waned and, combined with the typical seasonal slowdown, resulted in softer sales activity in November and December,” said Zaharko.
“Although well-priced properties are still subject to multiple offer situations, price adjustments are occurring as home buyers are reluctant to spend as much as they did in the summer.”
In the Calgary markets surveyed, the average price of a bungalow rose 11.6 per cent to $212,688, a standard two-storey house rose 11.8 per cent to $227,389 and a standard condominium rose 8.3 per cent to $134,114.
