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Last updated Apr 12 2006 12:28 PM MDT+ m. M/ @* E R
CBC News
) Z, h Y; W% K3 _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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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.# \" p1 |6 Q5 G U3 G4 w- o
* U% O' u' l! MThe 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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* C2 b/ S0 W) Q4 ]. {! YVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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; [+ X1 ^5 ~0 \% Q& z7 F1 XClark says there's one reason Calgary's market has shot up so quickly.
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1 p1 b$ O1 a/ r |+ ?9 R C"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. - C2 ^0 V* H) N9 d2 z' ~' q. H
5 D" d# S0 P- j1 h, `( r"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ( w+ ]1 D2 N0 g e# I) w' u) Y" w
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.) U2 ^/ |( `9 @( F" o$ r7 w% A
. j7 C0 k, U1 b3 ^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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