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Thu, April 12, 2007: } B( H4 |# J; m. q8 v& y& r) b5 H
# j+ v4 J5 v) w$ ?1 L9 E |Calgary ranks sixth as most expensive downtown housing) h& D$ l0 `9 S* |
UPDATED: 2007-04-12 16:38:42 MST
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/ p! ]- a; ^: K' r+ Z5 u5 V7 vBy NADIA MOHARIB, SUN MEDIA7 w+ K8 N% w/ _& d
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More and more Calgarians are buying downtown homes but paying top price for the prime location. $ h1 h: X' s) m* V
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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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+ R; X" R; R9 p0 F$ ]1 ^% S0 }Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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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. ! o5 D8 u0 v9 d: q# L; z
" j7 n* M" V3 H. Y. ZGeorge 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. * z; O" w) |- y
6 }. U+ j! p) {7 L/ W“To live downtown people pay for it.” " h& a" W" p3 \5 ~9 ^( W( N
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 0 l9 g6 Y Z. U7 e
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9 H% O1 D$ m( q8 G, I2 RStill 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.” 0 u4 H" T7 J( v, v4 }
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. # r! J' W3 l( Y9 W' f
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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. 3 N9 [3 n2 k5 L) u' u5 A
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He said 30 % of the housing market is condos - the bulk of which are in downtown. / b6 e; n9 p, d! \
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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. 1 h# E5 Z0 t+ m, a4 Z4 Z
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In 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. $ G% h5 J1 i, j0 R
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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. 8 @) i& D3 Y6 l; l& e* y
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A 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. 4 e8 S& \( t1 W; o
. Q& v/ ^- ^ 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
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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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