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Last updated Apr 12 2006 12:28 PM MDT# D, c4 U6 ^/ F
CBC News
! h# ?' W! H9 C; ?0 ]; e- KThe 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.4 U( ]9 J+ D4 L4 g9 G: n1 |, d& j9 r
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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. $ I$ \9 p S/ [ Y; W
) e5 J4 A' l4 N# F" y' ?# wVancouver is the still the hottest market at nearly $500,000 for a single-family home.. V' A$ Y3 s d2 T9 A+ D( o
. R5 K$ _8 T5 |+ @0 P/ `3 lClark says there's one reason Calgary's market has shot up so quickly. * f( r. m, N( n1 C/ r
' E" z* [/ s8 l J+ l"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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"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.. w4 s6 w5 V- [( Y C- p1 ^
; A8 ^" E, }! t! j! XGeorgiana 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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