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Home values up more than 200 per cent between 1997 and 2007$ B; N0 j0 E3 u. M# e9 \
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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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9 y( A5 M+ t( N+ E4 mHome 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.' l; P5 s y1 }7 P* D
6 K8 d- u# `1 g+ x R- {5 uA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.$ B# v. ?; t* I% S8 P. s& M
1 c u8 j8 ?4 i. ]Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.& ^+ R; F! A" @6 W' b
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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.: g8 ?8 E4 Z2 M! J) u
, `- `; n! g- S5 g7 JIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.* L3 I# U0 o+ E; a7 j8 Z( G) 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.
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) E4 u, M. r. Y* i# D6 AIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.8 l4 e( V+ O5 @$ E- e
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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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