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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.
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. x, ^# O6 t: `- UHome 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 $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.
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2 j+ h5 F5 w' ?4 f% eFirst-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.: D" n9 F! t% t1 X
" A" v) \3 q. d) c0 ]) x' t, ZIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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v* q6 Y+ F, C( C* L"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.9 Z- W" U' {. u
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.# ~* H$ Q% W" ]# J# z
5 R R, n5 i P3 ^0 y1 |. KIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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