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 {, T! B3 k; u  |1 x2 MEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

2 c  I: t5 J# i2 j: P& E. BHome 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.

7 M# G$ R  v: O3 Q( [8 p0 m3 iA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

& ~+ h' s% m& D7 ?( ^; uBooming 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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, r  I8 j9 ~3 Z) L0 h/ WFirst-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.

! v- I% j9 \( y) p+ }$ t" \In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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6 d5 Z' ?5 H5 D; g! x# \! i2 R"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.
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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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