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Last updated Apr 12 2006 12:28 PM MDT2 o5 t ], q+ Q" ~2 G( f# w
CBC News
. ?8 D# s9 \. W6 B; ]# n- R/ oThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 0 t$ L! W6 B) N; S. f1 {
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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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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 $358,000 in Toronto. 6 W. S( n$ g- q0 U2 }
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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% D% {% ^. T) N+ o2 UClark says there's one reason Calgary's market has shot up so quickly. 1 T: Q6 j; u! d0 n o. E1 o7 e! x' G
4 L! p4 {2 l3 j"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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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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7 R5 Y7 S9 j! s6 N8 L) K, UGeorgiana 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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