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Thu, April 12, 2007
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6 l; H) R$ O, Z) L% M" k7 MCalgary ranks sixth as most expensive downtown housing+ [# |2 |+ E- Z/ X, M3 Q) i
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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4 k* y: }5 B( l- XMore and more Calgarians are buying downtown homes but paying top price for the prime location. 7 Q. ^1 p8 x$ W6 |9 T: H0 O. V
y( @1 E5 f7 \5 k0 `0 X3 q4 l/ GPeople 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. & L5 W. }5 ^' I6 z, e
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 4 ~- t8 l. i/ p- o! K1 U1 f
1 v0 L( w, t: {; h7 t, L A5 eThe 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 $209 per sq. ft. 3 M6 [4 ~/ k1 a* H/ w8 ~* M
: W0 t0 w* C2 E+ D& yGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 9 p: _! U" n$ G/ K! L' t, i
2 d0 ^2 k% L! }+ |2 ?“To live downtown people pay for it.” 0 \1 ~6 W' @9 I
+ z5 ?: Z0 e3 F; n' }' F4 k( h6 d8 EA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ) J+ F9 R& K& F, m2 i% a* s
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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' [" x0 X5 P$ D' N/ z' @/ p- ^Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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; t( ~0 ?( C4 E) R f“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. # `# O7 a' c6 d- Z; H( O+ y, ]
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He said 30 % of the housing market is condos - the bulk of which are in downtown. . w, v2 [4 M9 z5 i' k3 U
/ `2 S4 b4 y; W6 ~, E& yThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. + [0 t9 Z1 v8 ^: `& p
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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.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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0 |4 P W+ |5 G8 f4 gA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. + e0 H/ v R/ C G2 U
- @5 {2 j, R+ }: _4 B; x4 Y( WFAST FAX 7 m, e: z2 s; ^8 M( b; [
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- 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. 1 ]# U2 N' Q/ j
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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 $119 ; d+ Y- K9 N6 ]5 F$ b% L
! U; `) v0 R& AThe 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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