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Home values up more than 200 per cent between 1997 and 2007
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1 v) W% ^4 e8 A9 x! h7 K4 g& }) U' }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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; L8 q! y& _+ M. l0 l% ZHome 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 $111,587 a decade ago." P1 ~+ ]0 ]* F
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Booming population, limited inventory of homes and a hot economy are behind some of the tightest market conditions in the country, the report said.9 V9 q) U# i# \0 Q, g( k: B
9 N/ w& l2 b8 p$ ]( w1 ~( cFirst-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.) M A! H8 o; g3 i
! a% H2 b7 s' gIn 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.5 C$ x+ ^2 |2 F2 [$ b$ |9 o
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It points to falling numbers of homes for sale, predicted lower interest rates and continued strength in the oilpatch.9 `5 ~+ R7 e: \0 L+ {! @4 P% a5 Q2 y; \
% o0 F C \ q, a( {' sIn Calgary, housing values nearly tripled, climbing to $414,066 from $143,305 in the same period. |
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