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Last updated Apr 12 2006 12:28 PM MDT
8 Y7 h7 S* [8 I4 }CBC News 5 `; q$ R9 ~) f0 j; O% |+ T! n# ]
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 8 Q+ j; i6 v, a. Q" I; U$ Z& D5 O
4 i! k5 Z/ V$ q- z) W# U: v9 UThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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1 S+ p2 ?) O( l! x' v" x9 VThe average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. ( q3 C/ A) J0 J2 p% j
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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1 r' k! u: L: f: q/ cClark says there's one reason Calgary's market has shot up so quickly. 5 X. l, ]0 T1 X% y" \# E* v
. L/ q% [% V4 f; N! B3 y1 M* a; Z"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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. h( o8 w! l9 ~$ K+ V"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 5 C: D% K/ `* k0 f8 q4 L
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.7 m) S% A( G7 h6 H# ]
( W6 |: ^# f# q. I6 dGeorgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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