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Last updated Apr 12 2006 12:28 PM MDT
% O0 T% y. J9 Y/ }CBC News # m; \4 Y5 b; Q9 [1 ~) S+ _
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ! M; N' g4 O; _! D" F, O
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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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1 L& }+ {4 W% i Q% f3 i* DThe 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. ) I/ \) |+ t3 o+ p
% O8 R# ?- b# J( q" M"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. - s! m, w) Z1 h1 \9 ]
; T/ |4 E3 y* k: Z1 T"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." * }& n& \: G2 i v5 H
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.. a; P* w* G4 q! j" R; _
" |* R. L% x! L* m# o" Z$ m! aGeorgiana 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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