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Home values up more than 200 per cent between 1997 and 20072 k) X$ P0 I4 z0 R x* P& n
( P! D0 r% r2 j* s! F' tEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.7 Z+ j6 j% `- @; R' I* B- X/ 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.# d- A2 P& z2 l% x* V5 i
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.1 C Z/ b- b8 ~" ^" l
0 }; o3 q) W* B& l- FFirst-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.+ M& y" u" J) Y8 k$ V6 X- @* W
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In 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.
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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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- v! [4 o" \6 u' ^In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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