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Thu, April 12, 2007- B b! O5 S) \( ]; }3 w+ d
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Calgary ranks sixth as most expensive downtown housing
! W3 H0 b$ W8 PUPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA: V! r2 t- \' Y s9 c# z# C
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]( G8 b+ R, P8 cMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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8 o# f, s/ L- v2 s% |* f# ?6 vPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21. # {0 N+ [8 M. ~$ }: o
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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2 G2 p; Y5 F5 h8 n$ z* O; hThe cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. " h: \4 ?7 K; d4 K# b
T* e+ g; o$ t+ ]+ uGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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“To live downtown people pay for it.” " p1 n* @9 }' l6 V5 t
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. + s( y/ Z) q8 i
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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$ B+ t h. J( l% T“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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1 E% {- ~- X, u' c6 sThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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: n( ?# x9 p1 B+ f% TIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. ' B; H4 M% M# T) m
' L( n1 v" _8 {9 Z0 {3 L( L5 E- ]While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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1 r S" Y2 E4 W0 {$ Z Q, RA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. & y6 f+ ]! b+ r
; o/ H- M$ T/ x N' z— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 ; B( w" `: S. `; R+ H6 Q5 W( \
2 J; \8 s( C, s4 WThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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