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Last updated Apr 12 2006 12:28 PM MDT% f* K) }8 m0 k5 x# ?. e# q& t
CBC News 6 |/ G- q% l) f) p" H0 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. 8 k" u& k5 I' d9 ]; A
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.0 P0 S4 o' v+ F. i5 ^% c
5 N! f: \' D; N6 ~+ `- AThe 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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- @% z& ?' w2 N" R" y! Q! BVancouver is the still the hottest market at nearly $500,000 for a single-family home.8 m- X2 }4 j6 \1 t
" i( z. H K% h/ a! Y+ j1 }! aClark says there's one reason Calgary's market has shot up so quickly. + h( |; T2 j$ h7 b7 p: E1 _/ t
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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.
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8 w! V2 I" n1 L3 x1 h3 j"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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. l3 R$ ]9 @4 P7 E$ iRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.0 A8 S- Z; t- ~, M. e$ a* Q
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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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