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Last updated Apr 12 2006 12:28 PM MDT
, \% J- ^4 \& h. ?CBC News ! W" u# r: U& Z+ ]& ^. s- I
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. * R- Z: Z3 B ^( M! z# \
- Y# p* V3 O5 Y% E/ QThe 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 $358,000 in Toronto. " t% O+ `+ @3 x$ z
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.* v, W/ I. {+ a# q6 i( P+ B+ X
2 B4 q7 E0 R q; O$ W( {Clark says there's one reason Calgary's market has shot up so quickly.
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* J8 h/ U7 D. p"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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"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.* e4 }% ~+ l) |+ q& A
4 Z; Y" ~; v0 L X, [3 [# r3 CGeorgiana 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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