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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
( @3 ~0 D/ B; _: o* T# WUPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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2 U# ~5 R2 O3 `+ T4 W9 g3 E6 V1 Y7 yMore 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. x; w5 u' f; i3 `7 T7 _" Y+ T6 Y
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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6 c3 A$ q |" d. iThe 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 $209 per sq. ft. + h. ^/ g: q! m9 \" Q' m4 Y
N2 _: g1 B' ?* m: O* b7 GGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. " P+ U$ @1 K9 e; B1 o: a
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“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 $500. ; p$ e! Z6 I1 A1 U
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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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& M3 F- r) a0 e“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.
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( N7 }! F, J0 g9 \# F/ z& ^The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 4 b' k( E% O, P+ F0 a0 c, c, z) B
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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.
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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. $ `+ \; Q% k, a+ ]# [0 t
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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. ; F) ^. j9 b" z9 ~6 l
) ?; L2 ]/ Y* g5 |% ]. K1 e. _* W4 Q— 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 7 \; [& @3 G( r9 [
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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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