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Last updated Apr 12 2006 12:28 PM MDT
6 S- E: E# @+ W1 t/ H4 uCBC News
7 A% m% ?3 [$ `9 |The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 3 ~, G: d" J3 C5 B( b9 }
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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: v L( t' V4 FThe 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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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. 1 J R7 O! A0 p) @
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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. 3 L. ], x! A& l- q
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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.' I. u5 c% j" o! u K5 }
* t6 \& g3 O' }- hGeorgiana 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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