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Last updated Apr 12 2006 12:28 PM MDT
Y; r( f X D# M/ jCBC News + c: R3 W8 n& t4 l
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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/ c$ I+ i5 @9 ?6 N1 A2 fThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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8 i. t/ O' m' x7 ^& q: |+ QThe 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 $358,000 in Toronto. , d$ [0 x8 G5 Z+ F
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.' d) [3 M7 f% E% |
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Clark says there's one reason Calgary's market has shot up so quickly. % t: T, ]+ q8 R% w3 t8 Z
) [0 E. r4 W( B, H# W5 C4 o"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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! U1 x$ W4 Y" s( j"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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q" {: C/ c& Y( N9 P+ QRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.) ?8 E! ^7 v N' L! |) |8 \1 b
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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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