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Home values up more than 200 per cent between 1997 and 20079 c) m: R; ^5 I& T) W& I U
1 y" K: L$ _" G3 FEDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.8 I% {/ I* f9 M
6 i W/ d: k' f8 d1 _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.
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.8 D' M) x; ?$ ^/ g6 e& R
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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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J/ X7 A% n$ R. [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.% Z$ I6 x0 D! I+ {2 C/ C; M$ m
; A. J. \- b) s# E' `In recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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" ]; ?5 @3 n' ] R: G/ |0 U"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said. E# }5 s' e6 i+ L
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.* u. s) J9 L) F* W; r" h5 B% d
' ^' o; J8 ^4 Z6 j- eIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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