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Home values up more than 200 per cent between 1997 and 20072 x& B( P" _$ h$ d- e9 ~2 ~
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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.$ i5 D- Z: I1 I! X2 l- M& F" y
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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.9 a4 P4 A& v* B5 u$ {
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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d3 S; Y& T6 X9 `$ y8 Z' TBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.( x) M) B4 y( \
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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.
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' F- R' A% t3 Z) P# R' {In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.# d: I% r3 r9 d* Z6 e
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.% k6 e( D* x% z' _4 p
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.4 v: \' @8 g) _
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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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