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Last updated Apr 12 2006 12:28 PM MDT
* J7 b; Z) u4 g, A. K% b( uCBC News
- |" l( E, C* X, o' tThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. + e0 U3 X) A3 b
. j& V: B# B: e0 ?; v3 ]% {: DThe 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. 0 J B- T4 @; m* u, B
" Z# ^; i) s9 l4 e- J7 C9 [Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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( n( K. I, z5 T4 H) x, GClark says there's one reason Calgary's market has shot up so quickly. - t9 v4 } x+ G2 t4 f3 z. Q% V! I
9 A7 w9 ?8 Y, E- B ~- b2 M' d"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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' n1 W3 ?+ T( w3 S, l4 ?$ s"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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; k1 j5 l& s- W" H# ]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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