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Last updated Apr 12 2006 12:28 PM MDT! d3 |- p2 A5 j. A; u8 {" E
CBC News
8 w5 Y3 C) g" s- X- _The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.! K: ?1 L2 ~. N3 Z
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Clark says there's one reason Calgary's market has shot up so quickly. 4 E! c3 Z9 Z. b, ~2 I2 d
: {% Y4 T9 K3 C! R Y"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. " Y2 V; f' e3 K; _* C8 x
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 0 t& b+ |6 g$ x9 U( p
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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.
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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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