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Last updated Apr 12 2006 12:28 PM MDT% {" Z; D6 \1 G% ]+ o8 v
CBC News $ F9 a" X( }/ \
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. . V( R. w# V5 q! F/ |( \
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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.
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7 ?9 f, w0 p3 W& l( kVancouver is the still the hottest market at nearly $500,000 for a single-family home.# K q ?: q1 m* X) I
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Clark says there's one reason Calgary's market has shot up so quickly.
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. X+ p+ Y- G- A: o/ Y Q"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. # ?+ B" N0 W3 h4 R. @, B# _
7 `/ V# P$ l, I% P0 {; F% Q* ^/ q"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." . L0 Z& t. z4 v& r1 K1 F- r% ?
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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.
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" E! T( h c/ MGeorgiana 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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