Edmonton leads Canada in housing-price jump

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Home values up more than 200 per cent between 1997 and 2007

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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. q6 C' B# t6 n7 Z/ e$ x3 J; 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.

* u0 j8 F/ }7 \% L6 |A home's average price in Alberta's capital rose to $338,636 in 2007 from $111,587 a decade ago.

+ d6 W3 _* K/ ]7 P& j. c' U+ FBooming 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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  X7 A. {+ T) z0 D) l/ B' ~4 w. kFirst-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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# `/ B/ p4 B6 G4 S& H" vIn 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.
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5 f8 u' c7 C+ f% Q' n6 t1 y. y% [6 JIt 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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