Edmonton leads Canada in housing-price jump

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

EDMONTON - 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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1 K* T, N4 }$ gHome 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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( v  x. ~; d$ g( d9 g2 D5 zA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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( z2 p" |, `: b) t+ cBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.

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.

# k8 |5 L3 X- l( iIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

! @+ A6 U6 O. M- y6 E' t+ i"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

- s9 f" s  Q/ Y% U2 a* L' z) w9 k( C2 eIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

: l5 ?0 M1 E% bIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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