Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
8 Y7 h7 S* [8 I4 }CBC News
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.

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.

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.

. 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."

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.

( 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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