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Last updated Apr 12 2006 12:28 PM MDT# R( y. H3 E- V( [/ f# \
CBC News
! G7 U/ q2 e% L; j2 ^ xThe 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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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. 0 u( w' X/ ^# q
# n8 W, X; W1 TVancouver is the still the hottest market at nearly $500,000 for a single-family home.# e1 x5 t2 C9 r& c/ R
3 F7 Q0 q, L1 u+ D) K1 \Clark says there's one reason Calgary's market has shot up so quickly.
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, K. R* h% a4 H( }7 G3 C. A" l: W"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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& J: A, O# T6 j4 p2 c* d0 L# Z( {1 _"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 $200,000 more than the asking price.0 d3 J2 E% J" [$ f+ A, G
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Georgiana 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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