Edmonton leads Canada in housing-price jump

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

% Y# k. C- N3 y4 `4 ^( M8 rEDMONTON - 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.
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# C. X+ @% Z* xA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

5 @3 A  J% i  i4 p2 P$ cBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.

( I& o; N' V2 R- o4 F$ K6 |First-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  w: C  i( DIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

# ?% A# H  U3 n: i"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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; Q2 V# K7 H! j9 _$ tIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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