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Last updated Apr 12 2006 12:28 PM MDT$ f& |- |& N+ b9 V8 Q
CBC News
, [$ _# t$ W' x4 m! _3 [: iThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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5 q$ g* m o$ L6 v6 H& A! E* I" xThe 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. 6 _& D' X' s1 p3 b; O5 K
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.' {6 V) [$ R* A+ T
* W5 S; N. M& b; \6 xClark says there's one reason Calgary's market has shot up so quickly.
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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. 6 t$ _/ b6 @0 i+ b! J0 d0 z/ I
) }. ` R" {4 E, f' E9 C/ o5 }( r"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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% @: ~; D4 K8 o" YRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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: K+ R+ X* r5 f7 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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