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Home values up more than 200 per cent between 1997 and 2007/ z2 E6 K2 x5 q+ ^9 S9 m2 K4 O
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EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max." \' q, }3 z4 s- b
% e2 V4 s" L+ ?% yHome 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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! S0 t" Y# {3 f9 a% B$ y* ?A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.% k" i; c T/ v: } ?# d* T
/ S( r/ d. E0 m4 r( A5 z/ bBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.2 B! p% b% ~( a) W6 N. M' i
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First-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.
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4 V6 i3 b9 Q& i7 r# u7 M' `$ t! cIn 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.
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.+ s/ P% f5 E; h( p
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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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