Edmonton leads Canada in housing-price jump

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Home values up more than 200 per cent between 1997 and 2007

  i7 W& \% O0 n9 C. S+ Z- K. [EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

8 d0 \( ]# r3 n% M9 k% R2 i# hHome 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 c2 n$ w8 q% o$ [) d7 |A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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* f' y/ Q: M( t) I: TFirst-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.

. X, P0 n, J$ b1 ?+ d* f2 h9 ZIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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2 H2 Z/ A- u( X; t"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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' N7 F" _" `* q/ zIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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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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