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Home values up more than 200 per cent between 1997 and 2007
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7 I5 _5 q& T! v: c* s3 M& u6 ZEDMONTON - 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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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.0 \1 O3 }: h# _9 A3 `
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.+ n- J# h" @ [3 }6 ~6 @( _
4 A1 j8 `1 v! k! ^6 Q, `, vBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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Q9 b( E" R" G0 s* v/ fFirst-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.. D0 X8 B3 ?3 G2 Q4 \
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.4 S. i* H' K% \# D
' a2 t; U$ a6 g! D% E A0 u4 {It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.! N+ y/ @# `2 X6 i
l& B" i0 e& [& \4 m: }1 c4 {: dIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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