Edmonton leads Canada in housing-price jump

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

$ q: p; X0 Q7 l# BEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.

$ g" R5 c" ]; ?- X; sHome 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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4 V( s* w9 f0 i% K& r8 EA 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.

2 r# K. a2 c- C, Y1 L' \  V; L, }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.

) K  J$ k5 x& p, L/ rIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

9 Q% e' I- c5 d) Y. T$ B# P"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

- _* y, c! P% k/ T  _5 r& ]It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

1 W& p- r! b4 r+ H# PIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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