Edmonton leads Canada in housing-price jump

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Home values up more than 200 per cent between 1997 and 2007

' K- |/ i9 f8 T5 J; Z! N3 `6 B# {. T9 @EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

' G+ r- Q8 Q" P! DHome 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.

/ Y6 T& @1 Y" }" l3 ?4 g- _A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

Booming 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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8 c8 A6 o6 g' ^/ j/ [8 Z; v4 E. fFirst-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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" }) }# n/ w# ~  c% {% H0 Z4 VIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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( D, t- u% h1 D2 P$ B+ y: c"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

6 l8 P2 j- }' `) H. H2 lIt 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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