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Home values up more than 200 per cent between 1997 and 20077 E! S) P( s- [3 _% A8 X7 U1 A
& k( h3 U9 u! R0 k" w+ \* Q. @EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.4 G; m% M( X: g* V
2 C) E( H+ Q3 F6 `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.! y5 I5 |5 o* V! m
- m1 J0 R4 a$ U' l$ ^7 PA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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3 X( g u0 F9 m- b, ]Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.. A; v# `; v9 |' O
+ e: Y" }% z2 u4 z9 FFirst-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.4 n. h W" g2 \" j% z
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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.5 N3 b4 `! k7 j. ]
/ B' {. X7 j& M+ [8 O+ {It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.* ]+ Y9 C; b4 M
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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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