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Home values up more than 200 per cent between 1997 and 20073 L. {' v/ z4 t" n# b: \7 |0 g
' U* Q- S; q& xEDMONTON - 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.. E, f/ @& v. l) n6 g
$ Z0 q; K& r9 S, N. FA 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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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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* G6 T. \/ I# C9 k8 FIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.3 Y3 C1 K% z- M# K( @
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.. s1 Z+ f6 u0 {7 R3 k [
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.( g9 r5 C: w# `, \* }* J( N. E
9 V0 f: L3 l& {3 x) PIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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