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Thu, April 12, 2007" n6 ?% F6 L' M& V+ ]
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Calgary ranks sixth as most expensive downtown housing9 b9 x1 F, C. P; |; i# L
UPDATED: 2007-04-12 16:38:42 MST
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2 a5 C7 h, }7 uBy NADIA MOHARIB, SUN MEDIA. w) ?; Q$ b _+ j
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" R2 t/ h8 p6 m. oMore and more Calgarians are buying downtown homes but paying top price for the prime location. - h' w/ M4 p/ {: Q1 N
0 E2 [2 f, w0 V0 h7 _& O) ePeople 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. : P! p( @* T& m* W2 _: G1 O
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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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 $209 per sq. ft.
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* `$ b( r+ V$ J4 e1 L ~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. 0 d+ ^) |$ S# L& G: B( A1 F
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“To live downtown people pay for it.” 4 _& l+ G5 W- }
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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$ W( x5 }3 o7 C& p2 [“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. . n4 _ U m8 J# Q: f
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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. + B" W0 J. U8 Q( q- ]4 B" v
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In 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. 8 C# T; G# k9 ]
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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. 5 \( m$ L# u2 M/ E4 Q1 i/ y
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A 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. : |. A3 d; |1 N1 ~0 M
6 s8 O( {& k: W, h— 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 ! b6 A0 Q5 k5 }( K
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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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