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Last updated Apr 12 2006 12:28 PM MDT( z! K9 m9 e) w. m* i4 p3 Y+ P) G" H! i
CBC News
% R* t# Y0 n$ w, sThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ' U; H% i. H7 m9 t2 f) N! r
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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& a+ ?+ J* \+ W6 T# yThe 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 $358,000 in Toronto. 6 g* ~' i; @) B$ [
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.& r9 M8 W5 l% B$ A# h! _( a( n5 `
N. ~* k2 i& {$ P" z; w! `Clark says there's one reason Calgary's market has shot up so quickly.
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' ~/ s* O5 n E8 J: v"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." 1 Q' i! t- E( Q# W" d$ `( X% X" v3 \
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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.* Z" ^2 a3 S+ ^
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Georgiana 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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