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Thu, April 12, 20078 ^4 E, }( u8 E% A6 n
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Calgary ranks sixth as most expensive downtown housing
- X: ]" X2 G, iUPDATED: 2007-04-12 16:38:42 MST+ F5 ~" m- o; ~* E, ~0 E
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More and more Calgarians are buying downtown homes but paying top price for the prime location. 6 d0 b; ]; T$ ^
+ a# V, O5 L9 \% {5 qPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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! }' _" a) Q1 U5 e, rCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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# u m- H/ \ Q/ L4 X, yThe cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. ! Z+ d: L0 }; @& l5 v5 @1 ~ n
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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“To live downtown people pay for it.” ( {8 i/ N3 f8 ?; ^* D
$ T% R8 p: q$ q6 Z# \1 A9 qA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ) y+ C7 D- f8 E5 b
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! Q+ v9 L7 B& JStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” $ q/ T8 v( p2 ?: j( z5 _
- }! l; s. [2 `; N& d7 V: M& MPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. w" G0 U8 c3 u) ^0 l
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ; x: `/ j+ ~ j9 J& ^
0 I3 ^4 f! m8 B; J0 N5 e! mIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- w1 d. C) x8 m1 {3 q- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively.
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/ x8 ]) x) w N+ D: r% B— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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