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Last updated Apr 12 2006 12:28 PM MDT
8 m4 ` @; j6 h; \ J7 X8 D( wCBC News 7 r% e" G0 O, U
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. . b/ e# @ T: \7 a$ o* h. H
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.. i7 ~: M# ~$ Y. e' F$ O& t# f
# P* a- v0 ^% P8 h8 x- u2 |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. & i: u; {# a2 i8 f& Y% U
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. A/ C( f. h) m2 {; P! \% z/ a* U/ ]
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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. F6 v$ d# M- o: x: V"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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. ^: k! h7 ~+ z" a* q! d7 v! j$ @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.+ p4 P s8 Q, B
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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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