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Home values up more than 200 per cent between 1997 and 2007
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& L: q& m& [( s% O8 I7 z1 XEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.2 ^5 O/ k0 K# f3 U: d' |& f" l
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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.
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^( y4 T1 k; M/ T* Y: n8 E' a( ?A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.& F1 j/ n7 J* e
3 q; b, m) i: x1 }4 x/ |: I3 xBooming 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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9 ]- G) ^' g# r \( U' ?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.% U+ D2 b# p* e% D6 @# M; w
) r& V( j: }( G) t6 sIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.+ Q: d, x. S# y; w- {. B0 ^
4 ]! `; n; o% b* w: C0 t"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.9 T1 p! u2 Q7 J: [
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.; p7 h& V6 l/ @+ n9 M5 k! k
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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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