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Home values up more than 200 per cent between 1997 and 2007
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EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.
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Home values soared 203 per cent between 1997 and 2007 - "making Edmonton the best return on investment in the country at an annually compounded rate of 11.7 per cent," said the report.4 a& n2 x6 O- Y0 J+ M" T% ?& D! ?
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.* | Y9 Y3 @- @- x' }) U, ^ a
8 ?4 T- {8 t h ~First-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.4 x- k& ?3 N5 c. C5 W
; o$ N5 ~* s# R) a5 Z! C. H% gIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market., R' K# N; E7 |8 G, ?
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.' \: e: _+ e9 e: S) k6 r( i
0 J$ S- q4 S9 P+ a% r' M9 F) F7 \It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.) a0 Q6 N' w7 C- L+ v8 f
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In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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