Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
' o, Y0 A. ~9 C8 s1 g: C  QCBC News
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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# ]8 K0 Y3 x6 k- B( }0 ~The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.

/ S( b, G  Y6 q' \1 xThe 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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, b+ |0 R- N1 }7 p8 U; ~+ D& SVancouver is the still the hottest market at nearly $500,000 for a single-family home.

4 _" `  F+ j' \- f9 f" f7 z5 q7 t: ?Clark says there's one reason Calgary's market has shot up so quickly.

9 y; ]. n2 n+ T0 }"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.

"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

1 Q# J# J& A2 }) [) j  WRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.

: \7 l  F& o0 e9 }1 T/ ]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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