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Last updated Apr 12 2006 12:28 PM MDT
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: ]* {# T# c9 s* }; N3 A. kThe 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.* Z( U7 U: t, i: z9 v/ r3 d
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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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. ' [6 w9 I8 G- _* y
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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." $ T- b- x; f) d! K
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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.; R* H3 _% T7 n: ~ J
( A9 P) A* y8 l) t, GGeorgiana 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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