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Last updated Apr 12 2006 12:28 PM MDT' z5 t1 C% U' x
CBC News ) W; K" ?0 J5 P/ G" S& G% D5 ]
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 1 m& T5 M N2 G8 J, _5 v4 ?
) `% u* a3 `. H3 mThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.+ t! B9 H4 `7 n! I9 u. Y
! \0 @' X% t [7 A1 N, QThe 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. 1 T. D, B! f6 D: }. I r
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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\% _$ C9 o8 u2 k$ cClark says there's one reason Calgary's market has shot up so quickly. % G" n1 Y& G# |8 |6 ?
" o9 c6 Q& M. y7 c% _( S" V"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. : Q7 w4 b u; f/ `
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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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. r0 ^/ r" q: z9 l e! d, cRealtors 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 P# l0 @& e8 I: a) w3 [
$ K- t" F$ [* } RGeorgiana 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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