Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
CBC News
, t' e# Q. {- f6 f. wThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.

  u8 H% O' B( f6 }) ?) M6 j+ sThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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+ x$ }. G; U. D+ }8 R# _" EThe 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.

Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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' m1 O, W0 Q& m+ C3 YClark says there's one reason Calgary's market has shot up so quickly.

6 s2 c0 {6 k" W. }# l4 z2 J4 v"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.

+ ?# Y( |  b' H( E$ ?"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

, `( X1 U, L. fRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.

$ i6 E- N* F( H, z# _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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