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Thu, April 12, 2007
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4 S. {' s4 x, M* {+ J: h& lCalgary ranks sixth as most expensive downtown housing! A# p; q) }2 n1 }
UPDATED: 2007-04-12 16:38:42 MST
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+ k" N# q/ O# [, f" t6 r& b [$ }" VBy NADIA MOHARIB, SUN MEDIA
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8 B3 E2 O- h5 Z+ N: q" lMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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7 A1 c& z, D4 {0 A% Y4 cPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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: M/ I) T0 r% @, Z5 v4 SThe cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. % l. [# Z2 g5 y* B+ Q7 L9 Y' ?
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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6 F6 t, @4 I5 N“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. / K- ]* N% g1 u* M6 q. h
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/ ?4 I# w [# D+ e5 UStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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% }1 N9 B( i8 ^) i! [5 rPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 9 P( F9 Y" z( U% i3 t; q( E
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 3 V7 \; j4 F$ ~% h1 f
- m' {1 v- g& t: }# X+ cHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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( v# u0 n9 x" d( v! b" x- vIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 2 V! Z' P/ Y% n1 v* o0 B1 U; Q. l
- ~; Y( @0 A. N0 q9 O3 ~! DA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. - G7 n- ^% U- n# Y$ c8 r4 I
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119
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% p4 K, t. V- |% nThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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