Edmonton leads Canada in housing-price jump

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

# @% E0 k  }& ~1 o; sEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

, H! B: I- u- o7 n4 c% f4 A( o6 |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.

3 ?" ]/ p+ }, k2 [! a7 e$ c9 G: w& wA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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- t$ x' t% ~3 Q( t9 [* _5 cFirst-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.

1 ]' C7 R3 @& N% y# U1 w5 JIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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: z8 c7 ?. ?# A, o6 |- l* ^"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

# H3 w; Q2 m9 L' y0 p4 ~5 BIt 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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