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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 $5,000.
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( r' h0 ]) m3 e5 C6 p% J) m$ BThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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. 5 @7 d& Q& j% m8 G5 L0 c
9 O- w) x/ }" D8 rVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. 2 V+ m% H- G( F$ R4 f1 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. 8 r: O7 `; w2 c* j! [' @
, p1 F, Y5 }, l% K4 T"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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+ f+ a& b! e b) C& N5 jRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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/ J4 N# f. c$ c% e- o: Y* _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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