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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing, M% L% [/ n% O
UPDATED: 2007-04-12 16:38:42 MST3 _: ]# P) q/ s$ ]" Z, ^0 {
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By NADIA MOHARIB, SUN MEDIA6 a% \: r: v1 E+ [1 v3 Y3 B
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# k3 w7 c) z0 EMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. ! @$ O& r+ m/ }# E+ Z: w) L
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The 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.
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) j: c3 n% e* |( i- B& _2 Q# M% RGeorge 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. ( Q) Z. {# u. k8 z4 k! f. w% @ m
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“To live downtown people pay for it.” 4 T _7 b/ j& S2 d( F0 _
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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- l9 _* Y! T, S5 X. yStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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# a3 d) b2 c$ B7 G0 u* y# zPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ! O# C' z+ A5 i. y z' ~
% G' y7 e1 @; IHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. # y" I. D/ i6 w8 g! w$ j
2 |: j5 M$ P: o6 M& g8 lIn 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. " M/ E& `! p. N5 _
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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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' _# K8 \$ a3 H. UA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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6 C# D" q( I$ ^- 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.
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— 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
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The 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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