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Last updated Apr 12 2006 12:28 PM MDT
9 P* P# W# ]# H) l ^CBC News
0 M5 @. `# d/ b# Q& ?. bThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 5 Q1 C0 @* |) O( C# ~9 e4 ~
9 r2 \7 z/ ]/ R, r% `1 {The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.8 K& i) D, Z! |$ U4 L: I
' @$ N1 A5 A: R( F$ l6 J! M! [7 oThe 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.
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9 i; y8 a" K* r3 Y/ r% TVancouver is the still the hottest market at nearly $500,000 for a single-family home.' A; [$ @8 F$ `% {5 n8 F! [
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Clark says there's one reason Calgary's market has shot up so quickly.
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"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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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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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.) v- _' q: @4 H c+ \9 f; h) I) u) W+ I
( K" ~" M% g6 s' B, R5 {& lGeorgiana 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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