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Thu, April 12, 2007- n) f/ Y: c" Z1 z$ w! d
- S0 ~3 i& t8 ~& f j5 [Calgary ranks sixth as most expensive downtown housing# X+ w k5 G) `' h
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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. o. c' T! E( l6 I# d( U, B# YMore and more Calgarians are buying downtown homes but paying top price for the prime location. - s# R1 B& l+ Z6 i6 \* |& L8 @' q4 x
) S, f& A% c9 F1 \' A Q8 x B# ^People 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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- O- v% }' h0 k- VThe 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. ) f& H% g: X) |+ h2 M
* H8 d2 {! M/ @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, k# J9 U( B3 k. d! P
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“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. & y8 Z0 |' c2 o/ {1 ]0 Q" ?
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P5 h, ]& u' y8 t0 L+ ?" o# x* JStill 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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8 O" e! a0 n- c& B6 [Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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3 ?3 Z+ n- j9 S1 U1 V4 T& a“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. + U0 g, Z' }7 c
1 ~6 S& k2 d6 h( s9 XHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. - x/ Y) @# G$ I( Y6 j) e- N
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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. 0 n! T0 Y8 Y3 ?/ u* I
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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 $323 per square foot, for instance. ' Q7 j: {% D! F/ s$ o$ O
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8 D3 k9 Q: b( _# Q+ C t, O: @- 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 $105 respectively. * }. q; G$ A' B: C9 A
4 c/ V7 M3 y! d; h— 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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7 L% G' O( B) C% t0 y6 Z. D! hThe 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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