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Home values up more than 200 per cent between 1997 and 2007
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, q9 F( G) A. y) S7 s, SEDMONTON - 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.2 g- m( ]7 {# O$ c# i! b8 Q% M
3 q% Y; o4 L5 I& i& eA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.0 [, H& z1 [" _5 k
: a- j7 G* Q V) JBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.1 Y1 v' q& B& K9 @3 p3 @
! ^" w) d5 R/ N+ s8 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./ d; D' S c9 @" E+ K- X# r% f- A
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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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# M+ j; S4 x8 n0 O" M"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.1 b7 z! Q5 X. G( n8 x( E% a. }" A
; {3 [) V x( H* A, ~It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.; e' ^ v8 k5 [
8 @9 B) Y& n2 |, MIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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