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Last updated Apr 12 2006 12:28 PM MDT& n% w3 O1 |5 K
CBC News
6 w$ @2 N* U5 u4 @5 y; z3 KThe 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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6 K% Y) {* \& hThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.* U) ?- M" [" s5 G7 M" A
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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. 5 O6 _6 Q' L% n! b2 B- n
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. ! ~5 j9 ^* W6 U0 X0 l
: j( J* u# M# s0 q- Z"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 2 V$ `$ i- K% S# u3 A
. V0 c6 k& ?" v"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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* O2 a8 b& ], l7 s: r$ F- gRealtors 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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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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