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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! V  q# {! n2 s/ hEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

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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( S( a% n2 N4 i- y3 @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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3 m6 v/ n  f( W! k- i8 p( o1 VBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.

' L/ e) V4 J6 VFirst-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.

2 q2 X/ i& c8 S; r+ Y( ~"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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1 b2 p  z' d& o5 c* F. NIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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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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