Edmonton leads Canada in housing-price jump

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Home values up more than 200 per cent between 1997 and 2007
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6 C+ Z; |9 _% ]% L* f4 c& U8 jEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

, g# f, Q" n6 h* [% ~9 b7 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.
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3 ~/ s& g( u& lA 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.

$ }% j6 c& ?  n4 Z$ w; N) Q, XFirst-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.

In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

' {4 `9 k6 x1 g6 u7 v* @6 `6 }"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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$ R) d, h2 H- e+ vIt 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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