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Home values up more than 200 per cent between 1997 and 2007+ s0 X3 s7 f3 ^: }
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EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.# u( z; p& ?1 B3 |2 c$ X
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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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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.1 R1 b/ k- w; z/ G- c4 S
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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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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.
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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6 W: i6 d% Y# p8 w6 K"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.0 ]5 |" u# U! q M+ F9 g
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.8 m% [1 m8 J# o' ~6 q0 n
1 M S, G/ f! Q9 [( D( E0 mIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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