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Home values up more than 200 per cent between 1997 and 2007! @* x* G) }, Y1 I& K7 L
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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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9 P# @8 p3 O6 |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.1 W+ W0 n+ u2 Z, ]% i. ]4 z* v2 K
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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., U4 F6 M6 G; ^* V
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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.( B5 T4 A6 b+ _' L
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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.4 J. C+ D8 i/ ]6 R: L) A8 O ?% T
; O/ h' R& h H2 J, HIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.! i: m- B+ E0 O/ p* c# @
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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' D" l0 h, ]1 f" {In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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