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Home values up more than 200 per cent between 1997 and 20074 R, C" f1 h; f9 Y6 |4 n5 D* p
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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.0 G1 p- H# @7 u4 |8 l: v
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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.
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago., G2 H* y: e( g2 x" r3 j: ]7 m5 c. E
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.& f! } M- X' I
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First-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.9 G: ] { l% f! F6 H
0 D) h+ v' N: `( uIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.# F/ A. K# [+ o+ U6 T
; ^, X! Y F$ b$ z$ `% R"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.2 \$ A/ ]' N$ o1 P
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In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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