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Thu, April 12, 2007, y7 o' C4 S1 v0 Z. O& R
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Calgary ranks sixth as most expensive downtown housing* i8 u( K- T% c
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location. ( f0 d% K d* R* w: d
' t/ }$ Q4 k; X6 X1 dPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. : |; K% J' Y- j7 s. x- ?
& [% W3 A" U3 Q7 C9 D$ KThe cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. 0 i3 D, i2 ~* ?& j. j7 Z, d# y
: s! J+ O0 g" J! y6 f- tGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. ( j# T: {8 A* H7 L/ t
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“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 1 b1 m, [8 j2 a# ]0 J" Y
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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- W J- I& {2 _; }0 h" x8 xPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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% U: ^4 w, q( EHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. + _( K5 O5 ]$ q* T! [, Z( e
1 X. G& z3 ]. l! O+ h- RWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. & D0 R' S% a! }6 h' J: [5 e" i* f
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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+ h$ \) H5 d& o/ z0 K( uFAST FAX
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3 x$ L( k7 {# P- w1 C" @- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. 3 Y1 p0 c1 T) N3 M
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 5 |8 O1 [. l0 O6 w
4 ^3 M2 b% N; K+ d& b+ ~. zThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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