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Home values up more than 200 per cent between 1997 and 20070 L: \" C4 [, e
) z4 W, {. B' S$ J O i% n5 @EDMONTON - Homes in Edmonton jumped more in average price than anywhere in Canada over the past decade, says a new report by Re/max.2 M, @& b: a7 L0 |$ l& E/ a
2 K8 D: L! i* H) t/ xHome 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 $111,587 a decade ago.
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.' m' _! Q3 n% O9 [, k
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First-time homebuyers sparked the explosion in 1996-97 and have powered the market since then, Re/max said. Buyers trading up, meanwhile, have stimulated sales at the high end of the market.
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6 S" x: I9 c1 EIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market." b6 W$ E) H G! N
, r+ M+ V) t3 K"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.9 s @, k. ?8 R/ l
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.! b, m. \% Y8 l% N
% w# ]8 k! i q- j8 MIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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