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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) H9 P0 N) o/ Y) I& }" V4 |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.
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& R7 J  o! W. {4 M  I1 sA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

2 S: a  ?' h# N1 oBooming 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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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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" i6 P3 n# H9 w+ V* s/ vIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

9 O9 R. F2 @  `. X6 _2 Q6 L6 `0 L"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

+ q" t; e5 J/ f4 f. |It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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6 O' ]2 O: K+ t: u) O& Q. c- TIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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