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Thu, April 12, 2007
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! P2 t8 c( S6 I: ZCalgary ranks sixth as most expensive downtown housing
7 R% ~7 k/ W% h4 QUPDATED: 2007-04-12 16:38:42 MST
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, ^( p8 \- u; s, G# M- XMore 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. j% l) d1 _9 L$ ^' e6 ?
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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2 F9 F/ E( W5 y, o0 Z, f( p5 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 $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 2 m! t8 g: p- f. F' B) k2 T
3 Q r! q9 s$ o“To live downtown people pay for it.” Y4 W- Z! E B
% N- r, n! H; m gA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. , m5 z& w! \ s. u: D
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Still 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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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. : P" K0 ~% P8 D* ^
( x# L9 Q" T) J0 N“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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% }" T# I6 i. q# ~7 V) a; q5 Q; J3 p1 zHe 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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# x' Q! ^8 J/ U6 LIn 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. ) i4 q m: O+ T
: U% }1 F/ \ o- KWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 3 i: @0 W1 b N' o
% B& M* A: V X4 RA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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FAST FAX
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4 Z, b e6 ?! E8 V# O* h% ~- G- 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 $105 respectively. * R$ I' Y0 E7 O4 A1 r2 `4 {
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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 6 D3 j/ @' B, f9 T6 Q# ]( D2 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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