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Last updated Apr 12 2006 12:28 PM MDT
& i1 i: G/ o+ V4 qCBC News
: A! H! C0 F. n9 y* [* u7 RThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 4 ~: v3 h p7 j' r! a
/ Y |( Q, \+ }4 m2 x# RThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.& O9 W1 A, d5 g9 N7 |6 I/ O
" [) u% C5 C+ n; k FThe 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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; k% |6 D: k" }% }Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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" ]2 X% i2 `. KClark 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. 0 g7 }( l% m) A [: l5 D% H
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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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' m: T/ K! e" }) M( F7 {) [) gRealtors 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 R+ l; R# k8 C. K
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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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