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Home values up more than 200 per cent between 1997 and 2007
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# J& E4 ]) f" c: P: _3 a4 {6 w/ nEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.- D' c7 g; v9 m- k" u0 G
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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.! X% [* x# i) ?* G" N- G# v$ D
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago., X) m5 J! W! T2 j, e6 b
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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.3 ? w6 A& e( s- D
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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. M" N4 R- `* U) J: ]; f
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.! K6 u. }# |& u2 F; L4 n& B0 V5 I
! g( C# o& K7 b. j% t6 F"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.- w- b4 G. j6 c2 P# E
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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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