Edmonton leads Canada in housing-price jump

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Home values up more than 200 per cent between 1997 and 2007
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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.
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" k. T/ c) u2 W6 _; ^$ qHome 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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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

9 p+ \- H, }; {Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.

; Y" q& F1 `& X1 l3 A- IFirst-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.

5 J& M0 Z) E% t9 G" a/ K6 [In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

) D* q$ ?( ^( U: E) i9 P) {It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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