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Last updated Apr 12 2006 12:28 PM MDT
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* B7 L* _5 R! k$ O8 |The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ) i: J% \7 P0 x
' F6 L, c& Q* x& E! jThe 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. ! j& g4 B& \/ l+ ^; ~
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.) M0 @9 E) |' X/ d* k0 z
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Clark says there's one reason Calgary's market has shot up so quickly.
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! I$ J# i; s s9 x+ ^; |* z l% H' l"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 2 b4 ]6 F" K0 |4 P% o7 B% |& H
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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/ j4 N: z" q% I% Q
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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.
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- L' l/ M5 ~; l& `7 Y7 H# t7 f/ {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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