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Thu, April 12, 2007+ p" p0 _- z s+ b! ^- A
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Calgary ranks sixth as most expensive downtown housing
0 C% p+ W+ c1 Y/ i: H% uUPDATED: 2007-04-12 16:38:42 MST
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1 g: d* m; \! ]/ x+ K3 ?More and more Calgarians are buying downtown homes but paying top price for the prime location. : J) }1 z* j6 k- j4 Y# X! T d
2 {& K$ G# x1 ~& n2 ?, aPeople 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. 9 ]" k: P) j( e1 v( ]
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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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 $209 per sq. ft. - c) ^$ P( N9 @3 |% f
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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.
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u$ P( v' e3 K- C, D% a3 i“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 $500.
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. T( `$ d0 _+ D$ I! ^+ `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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1 S9 B6 Z# i) z“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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' g+ A5 |" D. F" Z2 E- LHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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8 J2 y. w2 K: @$ TThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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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. 9 y# Q" g. J3 B; l
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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.
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2 \( l. C/ M3 }+ E M5 h; XA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. r/ S* {8 m4 G* ]. @, Z2 R
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4 @$ ]' _% W+ N0 w6 z- E/ ]& Y- 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. . y1 D' N! M; w! O& u
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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 $119
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1 r7 Y6 j+ e$ a" _" OThe 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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