Edmonton leads Canada in housing-price jump

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

/ H/ {  O0 s2 r5 dEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

2 b7 E+ F' |4 H/ d9 iHome 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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$ j: d3 \- g' n9 j! f# hA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

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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  w* H7 j: r4 a* l3 x1 C8 w/ n8 gFirst-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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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

! D5 J7 H0 a7 e7 Z" Q7 u: B* n% qIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

( c* J( \* b& Y% |- x! r; Z5 fIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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