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Last updated Apr 12 2006 12:28 PM MDT
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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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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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.% c( s* w3 E5 F
' x1 V! j1 v6 G/ N! f; D/ SClark says there's one reason Calgary's market has shot up so quickly. / ]( N+ x9 U3 P1 _6 Y
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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.
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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." 6 \; y! H- q, i2 j' n8 F+ n/ Y# ~
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price., I4 [- c2 n8 u, d
. Q/ l: l$ s6 R: a' {! U6 ^0 CGeorgiana 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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