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Last updated Apr 12 2006 12:28 PM MDT0 l* F& z% ?$ V- E! q
CBC News
- t* D# D* a* H( p3 s) i7 s8 \The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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^) v* A/ O$ i/ v+ n8 }The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.4 A' P6 P- j) }. Y3 w( w: P
u5 B. M0 I; b$ n# g( NThe average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. % j* a, l# t9 ~7 b$ n* X
% h' e+ m+ ]; ]& O! t1 s" ]) CVancouver is the still the hottest market at nearly $500,000 for a single-family home.7 K1 U3 P ]1 U* [7 n9 a
7 [* F6 B6 f4 E+ _. c/ R" P% {8 R/ TClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. - d! o1 Z# N0 k0 C: }5 w A$ B
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." A# X7 i+ r) v7 j. ?% ]+ g
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.) _ U$ r; e% {8 ~& b. u
& c' G7 F/ O0 p/ Z' K6 t% k' sGeorgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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