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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
& G0 e/ ?3 \4 D$ AUPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location. 7 i9 e. n! x$ V
( \& q8 J; J p# l& Z* B, bPeople 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. % [: j3 p, d$ r3 [. m
5 M# [5 N0 \+ Y) HCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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) L I7 j7 H# m$ k# L1 Z' @0 H' oThe 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. 0 S/ T" x, {5 @" ?- E; n
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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. " h+ g0 g1 a N
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“To live downtown people pay for it.” % ]( I! F* {2 d' X# |
' d0 g/ b+ _. v6 [6 v/ n: YA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. $ z% s" i: q$ s2 Q% N1 R. x
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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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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. / _- p6 m5 y* t1 X
- _4 e4 }8 n' M“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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He said 30 % of the housing market is condos - the bulk of which are in downtown. 6 T% E$ e/ d; i' \
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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. l) X, }! J) I( r( [# _
0 D3 Q0 ^- j. d7 U" ]- {5 RIn 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.
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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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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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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.
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U& {: P" ^2 ]' T— 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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" }* r& a K7 U' d& ~# \3 SThe 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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