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Last updated Apr 12 2006 12:28 PM MDT
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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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+ o7 g& x i% a- mThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.' I8 q3 E1 S7 Z" F6 i' z2 F+ c( V
: b% |. U2 [! ~( ?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 $500,000 for a single-family home.
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8 D2 ^! _- ^! H' K2 gClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. Q1 t2 D! k {7 R: Z
* J- \6 O- Y$ H: U& z"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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" q s$ y: x8 dRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.: w' ~0 ~- H# p6 r# F
9 ^. u4 m0 W; ~1 i3 R7 K! |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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