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Last updated Apr 12 2006 12:28 PM MDT1 T. v$ j3 d! L8 X* i) L
CBC News
5 }# m$ y/ M g" h& HThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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! P/ A: s( O9 T7 y8 D$ |+ v/ l& |. QThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before. \7 ~( b+ n* \
$ q4 T. v- H" W/ X; J: I& [' Q9 ^; 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.9 ^; f8 X- D9 E2 ^; D( Z
- g) {0 Q$ P" H/ |) J$ X/ aClark says there's one reason Calgary's market has shot up so quickly. I$ B5 n# u0 v- N
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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, s/ P
- P$ N* Y7 ^. ~7 l( l' z/ D1 r"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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- Q% q' Q( U) E( Y3 U0 IRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.) `7 \/ O1 i" G5 w; t2 b. V- `
$ \' ~# b% U% [& M& `2 V$ I5 DGeorgiana 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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