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Last updated Apr 12 2006 12:28 PM MDT
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The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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% ~# |0 Z k8 s% i+ _# p; H, B. lThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before., o% p8 ~' a- z/ Q' V8 @
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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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. " c+ H8 \0 M& e" G. N$ u. E
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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. + L _' [( O( b8 C
/ d" D O7 g: O$ 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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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.
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! n8 N, ^4 ?" z4 ZGeorgiana 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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