Edmonton leads Canada in housing-price jump

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

0 A; a) [7 |6 c: xEDMONTON - 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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2 o' I; `$ r% Z( ]3 v0 ~5 ~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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* ]1 @9 w1 e0 @. nA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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4 Q* J! W1 p8 F3 ZFirst-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.
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$ j% _" w) w5 {! x7 O. T8 u& N+ iIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

% y$ {) _* m; q+ s"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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& j, g" C% }; LIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

' e" ^1 X* x! F6 [( M8 X; dIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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