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Thu, April 12, 2007
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5 j% K; n7 Z. F }' dCalgary ranks sixth as most expensive downtown housing1 N7 ~: C+ b' R2 G% ^
UPDATED: 2007-04-12 16:38:42 MST, ~5 _ r" c$ v* q2 c; F6 M
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By NADIA MOHARIB, SUN MEDIA
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* M4 E9 y/ g. e& A3 {1 u3 NMore and more Calgarians are buying downtown homes but paying top price for the prime location. ) e5 t. A3 |6 J( I1 x3 R. o4 |
\2 \- g: K5 z% H( n( W: N, nPeople 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. : d8 D4 p- ^. V5 L$ Z8 g
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. , {# n/ w2 c9 ~; G2 f
. w8 B7 |% J: M8 o2 f+ k% bThe 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 $209 per sq. ft.
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, m3 t( y9 w% F L# K& p/ x9 _# @George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 4 q0 H5 A' m. ~; V0 c+ O
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“To live downtown people pay for it.” 2 S$ Z2 S7 ]8 r2 h6 y$ O, ~
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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( S6 q3 p/ Q2 b- s7 V, w5 i“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. * @7 {5 {0 s' I$ [8 N
7 y& b# F8 P) _+ zHe said 30 % of the housing market is condos - the bulk of which are in downtown. + G# {! {6 t0 q
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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.
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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$ G# }5 Q v% P+ TWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 4 R6 U2 C9 d0 x: @, ~$ g% w( _
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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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- 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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' p6 w \. e) a' a, S0 ?( H5 q— 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 7 _/ Z8 o# ^1 |7 D
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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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