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Thu, April 12, 20078 z' }- }/ F& v4 k6 J2 f1 T2 a
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Calgary ranks sixth as most expensive downtown housing
6 u5 w9 ~& i8 aUPDATED: 2007-04-12 16:38:42 MST$ R D; ^( a* X! P7 x; E* q
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! }1 o; T5 ^0 `3 p# |0 k1 W/ hMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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. % C+ g2 ]( E( C
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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& m1 s; u3 _$ m* T2 B. L, L) A' y0 U" ]The 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.
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- x: x0 p1 p- v3 nGeorge 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. X" Y" U+ n/ j3 l k5 o0 l
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“To live downtown people pay for it.” % u5 Z5 r2 e4 l7 w3 u
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. & x, J9 ^# ], O- O$ U. ]2 K- ]" v- P
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% _; c7 e7 H/ V) VStill 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.” $ e6 h& |5 ]" `* s$ p$ N
8 k* u1 D% ]5 y' mPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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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.
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He said 30 % of the housing market is condos - the bulk of which are in downtown. * }7 m2 C, Q; [8 r
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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. 7 s# n7 o9 Q" Q8 F. v R) y
" Z! |/ A9 I1 j* aIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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0 P* n: X) s! D3 R$ CWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. % h% w, A$ {; ~
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5 M; C; j5 _8 D6 V- 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. ( K" X3 z% |! o( S8 T. o z
V5 R5 {1 q1 K& Z* o/ v- E% G— 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 ( u" Q2 L/ T. v! f
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The 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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