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.

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.

. I5 J4 N% F& k" v9 ]4 j; Q" rA home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

2 [( A9 g& \, ^. W: X# qBooming 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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) m  H$ s' y7 c& MFirst-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.

1 g& R) K( {* `* J" z. qIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.
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"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said.

, B% r. }$ B  f# b2 G/ ]* S3 `+ xIt points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.

: |% j1 K) ~9 f. I& U) bIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period.

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