Edmonton leads Canada in housing-price jump

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

, k- a9 F/ ]* h' CEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

4 z( Z( j$ Z- C/ N7 v7 B  JHome 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.

; C, t- ^5 L$ j: |3 g3 G9 C8 `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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- H7 t1 _9 R* x/ q6 |8 z" qBooming 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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4 b' O# c2 p' LFirst-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.

9 o3 E9 u% W* \; s3 j9 kIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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' f4 c3 o: C) K, A0 m"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

' e, p) W7 U# N1 A6 F* TIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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