Edmonton leads Canada in housing-price jump

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

, U" r% x4 @* D& W9 A' h9 @  m* dEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

1 q# ~1 `* P' `- ], ZHome 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.

9 y' A' k0 Q; z  `* Y% T2 xA 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.

+ k7 E) ]  y8 {$ d: ^, x" pFirst-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.

: G: T" f0 s$ C8 I- p: Z$ zIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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) y( Y- B' M7 e3 x5 U6 j"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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It 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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