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Home values up more than 200 per cent between 1997 and 2007
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q; `/ M7 B9 V) Z+ s/ J! I# a3 dEDMONTON - 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.% }5 k6 E5 Q) H j* p) ]( y
1 s/ [8 `4 @ a& CA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago." V: K/ n, ^; |$ e) E
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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.. x! a7 O$ k- I. ]9 @ Q* {
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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.! C2 t9 q! t. R2 [+ V c0 X4 }5 o
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.& g$ b5 e% f4 F: Y6 e. n
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.; `& G- ~0 a' D$ ]+ t$ Q+ D' b& l
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch., V1 e- J, X( d, S1 Y+ r$ a$ |
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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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