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Thu, April 12, 2007$ }% }7 D. U1 G; s+ D
1 l( q; i" O+ ^* jCalgary ranks sixth as most expensive downtown housing6 M0 Y3 u( f( I* V* [* n
UPDATED: 2007-04-12 16:38:42 MST( a; ?. A, n E A4 N8 T
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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9 L0 m* k* z0 \. U! U; APeople 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. 6 b7 |; b. P/ x
, L. }8 X j; e c. a; i% p& LCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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The 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.
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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. + B& n( F0 C4 q/ R+ F4 g3 R3 d
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“To live downtown people pay for it.” ; I9 \! r; a! Z- Y, Y
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 7 l+ c4 k3 l* g. B, ?
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% _1 b5 j6 S' V8 a. XStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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, O# z/ w5 }- J( QPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. ' T7 V. G1 i( X" [
8 s! E/ v" j# v/ T$ N0 O% J“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. # Z; a& |+ {, j7 z7 n: ~* f& a
( h" G' C7 B2 Z; YHe said 30 % of the housing market is condos - the bulk of which are in downtown. " _. p- x" i# K1 K. n
4 C; ]+ A0 ~. yThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 1 _6 d( v1 V5 s! c
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In 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. 6 t7 G0 s/ P8 _1 P% z
' @! E3 _ H- a& CA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. / z. @8 T8 w! o* {: Y j
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- 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. ) c. y. ^% x. G0 x
+ |3 N* f4 w8 m( e5 V- d0 f— 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 ; X, k& K1 n0 b+ i' T! z; k7 Q& g
. i, @: c5 u) W! m) DThe 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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