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Last updated Apr 12 2006 12:28 PM MDT9 Y; Y5 M, I5 _3 j1 z; X' p3 ] Q7 V+ ]
CBC News 5 S- n9 [7 E. D8 p9 W: 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. ' w3 @1 W/ P4 b6 h
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.3 q6 d7 E* z# H& Q* j0 s Q
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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 $500,000 for a single-family home.1 y2 H8 ~# H+ y k' b
/ |( u; d5 T" `3 I9 oClark says there's one reason Calgary's market has shot up so quickly. 9 W" n k( v& x7 s7 d! ~
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 1 z# F* J8 y1 |! t$ F7 l0 J# h, B
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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." 8 Q+ `8 V C) ?
" A+ U# ]8 h0 O. A; A5 @Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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3 V) R$ R7 y$ P8 l2 a- ^% b; hGeorgiana 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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