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Last updated Apr 12 2006 12:28 PM MDT7 K8 K, ]; Z$ `* n
CBC News & _0 b* o9 w$ U# S) e
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ' D) A a- ?4 a& {
% H% [$ K( ]; X1 {3 f' r8 zThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.6 ]. }- u) O, V# @# X/ z4 B$ _! O
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The 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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( b5 i6 |9 R6 _4 N2 e& \9 ^: gVancouver is the still the hottest market at nearly $500,000 for a single-family home.8 @4 B2 @5 G' b+ i' R
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Clark says there's one reason Calgary's market has shot up so quickly.
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6 {( G) f; ^- O4 ["The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. . R8 ^% I# s4 D
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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."
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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.
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Georgiana 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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