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Last updated Apr 12 2006 12:28 PM MDT' q& @" s" R y4 k# p6 e
CBC News
" j% h3 x. @+ P* H5 F/ u' m" e$ wThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 9 a5 T; J8 l5 J( }0 R6 F
/ _6 }3 \' Y" i) j# |$ Z4 AThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.4 \% k0 o* s ]; C4 Y& t7 b
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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. 3 Y" B# C) F/ a) `' T5 `
4 J& o/ h U' o% Z- _Vancouver is the still the hottest market at nearly $500,000 for a single-family home.5 N% q+ V- X; ^5 D) H* Q
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Clark 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. 7 r: t% G' ?- ~7 ]) e; d* ^! l
0 i8 g3 f2 |4 X2 C) \. Y k"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." % D; `2 e# B& N4 C) o! U
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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.0 @/ h& p+ U2 }3 m 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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