Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
CBC News
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.

: L" g" {6 i% U( ^/ ?( }' SThe 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.

6 }  E8 ?' S. E* _# RClark says there's one reason Calgary's market has shot up so quickly.
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6 A/ Q. R0 L4 N# L0 }"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.

" H- m+ }- A! {8 z2 r, c"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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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.

2 P* E( m1 n; E- y# }- r' P6 q/ cGeorgiana 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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