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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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4 l& S$ O! f. P6 [" ]3 h3 gHome 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.0 n" E" r+ R' M. {
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A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.& ?, A2 Q$ ~4 k( P! p5 C4 o
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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.8 l N3 Z, `) t' q* Y
# | H' P9 h3 UFirst-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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0 @+ ?1 r' `2 V/ ^: VIn recent years, the report suggests move-down buyers, aging baby boomers, are driving the condo market.( ^, e/ t* ]( y1 w
- T3 m3 @, r- `"While 2007 was a roller-coaster year for real estate activity in Edmonton, 2008 holds more promise," the report said./ z- }; Q' D" |9 d& B) M
: q5 G4 W5 _' j: V% i- \It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.
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In Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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