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Last updated Apr 12 2006 12:28 PM MDT' I' g; P) D. J* M
CBC News
& ^8 }: Q* |! [5 z) OThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. * N' k r+ n$ a% D* o% o/ @; f/ `; e2 \
' x! L. O8 c; [: m- _* WThe 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& W8 m6 k7 S: k, q! c& J: j- Z
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.) S1 [; _) ?. |# p1 ^# P
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Clark says there's one reason Calgary's market has shot up so quickly. 2 w" m f& K: [' N/ F' p
: a/ g/ g; e! ^9 ]"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 9 S5 l# }7 F" s) J0 |2 z0 }8 t
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." . J ]- O# R! G" I8 L0 t
6 f# e8 r1 g3 Y! I' pRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.4 X: G1 N' [& W2 i
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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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