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Home values up more than 200 per cent between 1997 and 20079 I. `% B; I2 d$ u# V* y
& P, V6 z" ?0 ^/ kEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.1 x4 H+ I' i! a: j A
, L# Y( n8 j5 A9 ZHome 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 L$ c+ d' x5 r$ I
! [+ E* j8 L ]A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.! s8 W" i7 F4 n" 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. |8 @& R8 p% @
, @- a0 ^! V# m% e+ h- o& vFirst-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.# ]" s' V& c8 A) }* e
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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.6 ]& A, ~/ @* I3 @) m1 I
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said." T- T4 x/ r- T1 n
! v9 `; F/ a, D0 p- gIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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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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