Edmonton leads Canada in housing-price jump

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

  K1 v7 u  M0 h! |# @EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

/ b; k$ K8 V) g- @9 \- b* v# W  qHome 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.
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& Y& N, P, S# f2 X  EA 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.
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5 B3 N, w  V  j/ zFirst-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.
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

3 }& x7 G5 q! y! y0 M6 ^0 K, W* K% P"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

5 }0 g* W9 j8 u' sIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

0 Z; O1 p( Q5 a& qIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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