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.

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.

( ^/ ~9 G8 n8 n1 y' X& K5 Z  PA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

% r, d$ n( L; }) \% L' p" FBooming 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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/ Y7 r& B4 o4 x( V" S7 VFirst-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.

# d9 E' _8 U' P5 `  X3 N8 @! \- ZIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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" ^  ~4 z9 g0 T# A"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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1 a1 d$ c/ e% X, QIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

7 L: B0 }; V! ?) e( YIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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