Edmonton leads Canada in housing-price jump

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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.

, Z; l. a, }$ m' g9 {& T; fHome 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.
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* M5 V* T) f' {' B  z7 d* M8 b, LA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

# r+ I  P; X' o/ M4 X7 w+ `1 u8 zBooming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.

2 M# S* |' U$ y6 h7 y, _5 kFirst-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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In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.

"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

7 Y0 r) H7 z' g- v2 Y. t% e% P, \It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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, \8 E7 R! S5 a+ TIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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