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Home values up more than 200 per cent between 1997 and 2007; D: U* ]0 s7 C Q
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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.6 l: M$ M4 x6 D( H+ M z4 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." J7 R3 x! ~) _; U! I5 y
- U8 d( K. x9 E/ j: O$ q2 _A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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First-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.2 |8 ?, R$ K; w9 W7 i
6 v3 J# V5 f& a% Y# z" QIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.& O4 s% F! R. ^" ]9 d" p8 O
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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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E/ a7 _! ^+ l' ?- q5 GIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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