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Last updated Apr 12 2006 12:28 PM MDT$ R# @, o( N+ }: n' J1 W: X8 n+ W
CBC News ' L2 L' e; c) r( @
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 0 {. ^( q1 H+ b( }
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before., l/ _$ q( v2 X5 P- _% r" G
2 M+ u$ x! D# R* fThe 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.7 e; v& v) S' Z& a$ `4 R
! i4 G& @6 y5 c: `9 `- u* @Clark says there's one reason Calgary's market has shot up so quickly. , Y! [6 r2 A3 [" e2 {/ \
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 4 B5 K- c$ P+ p+ j7 F# E: ]/ M
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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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# D, k X" @! GRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.( L8 J! O8 J! V0 W( `
3 @6 |, W# i$ q( K/ T$ w$ sGeorgiana 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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