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Last updated Apr 12 2006 12:28 PM MDT
8 L9 `! J1 a+ v/ d: {" `" O( ZCBC News ) i6 a) v9 Q! T2 _
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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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.) | k& i ~! X0 o" C, u2 T( {
& c2 q" s- H% h, o) EThe 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 $358,000 in Toronto. - ~4 q* n) c9 g& e8 ^; w/ q
. H2 h8 k8 w4 ]3 Z$ gVancouver is the still the hottest market at nearly $500,000 for a single-family home.. y: S2 {" }5 U: A% n" k
; {* v. @8 h% S! h; c$ r# 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.
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"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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) G3 n4 o5 Y, B- O. D5 s' y" XRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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2 R' Q2 u/ Y# g3 qGeorgiana 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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