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Last updated Apr 12 2006 12:28 PM MDT. O, h0 C) {0 S) C
CBC News + J* `) G1 T" ~1 }% V3 \- Y
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 4 r, K) [# [" f# i2 k2 I/ [0 P6 P
3 ~7 t0 E! v3 w/ vThe 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. ( O; x2 t- q& T8 \/ h* }5 Q
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.7 V" f& d" L$ v+ J" x
( C, _3 o: d' G, s( C/ e. P5 sClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. # A; P2 m) ^& S$ z6 [
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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."
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8 j" h; n4 r7 h6 xRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.: @0 ~- W ~& y. c# |3 ^; F- O
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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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