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Last updated Apr 12 2006 12:28 PM MDT
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0 h4 N) r- t2 a) L q* q: _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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" u' _1 Q# P5 ~& z' z/ {) ]; x, tThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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6 S* t# z: E* [, |' ^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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' x# O+ Y+ K* O- Z& w, p0 wVancouver is the still the hottest market at nearly $500,000 for a single-family home.4 f& N+ o8 r- ~1 J5 c4 _$ l
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Clark says there's one reason Calgary's market has shot up so quickly.
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}# D: J- T5 w/ U& }5 f5 e9 k- ?"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 7 }$ d S9 g) H% ~$ d: C
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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." 3 W+ m8 O2 s" U
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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w% a- t$ n! P8 ~2 U: S& yGeorgiana 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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