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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
' o8 ?( ^7 J" uUPDATED: 2007-04-12 16:38:42 MST0 r& n( D' S, d7 n
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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" o$ u" s0 e4 V( h" WPeople 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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6 }3 G# V5 {: n3 u. fCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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3 |& z2 `- r1 N( \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. $ Q% u0 \- I" `6 T! a
$ G+ a0 m! {# E* K, m“To live downtown people pay for it.”
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: n# u0 D% [" @# V' l, l4 u6 MA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. + ^5 i! D0 C# L
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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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& S" l c0 y+ K( aPart 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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% ?6 I' V6 X% p" qHe said 30 % of the housing market is condos - the bulk of which are in downtown. . b8 m: q M) h+ Y
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. . @$ `& R! A* }3 x# o8 C
% U0 k! ]- r5 n% MIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. ! G/ j+ W% p; g$ g
+ N3 }' {2 L% B: O9 L+ N) OWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 6 m: @; ^0 M8 W- ]
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. % X8 T0 u, Y) c+ w1 z
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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. 8 ?5 a3 O9 ?, _8 w4 K
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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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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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