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Home values up more than 200 per cent between 1997 and 2007
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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.
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2 z& a5 O I$ V, G( Y" B# i; gHome 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.' j0 }" U: [0 Z: m8 z) B
* W& P2 W5 F( jA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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: P n: L: S: y, qBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.3 S" e( X u1 I1 R& J
* b% S, W9 o+ N5 [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.5 v( j# F3 J: z
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market./ Z& w5 [0 e0 z) r% X
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.7 G6 ?" F8 ?% S8 I& a
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.: z7 R+ X* A5 y7 c9 k6 m5 Y: Q4 B
; Y* P- y# r( d9 R; r# B, }In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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