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Last updated Apr 12 2006 12:28 PM MDT
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The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. / A) p( H- H6 A6 F q, ~
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.' o. H% t5 a$ \' r* p/ 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. 0 c1 E8 G7 l7 S; h+ H n
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.( L, @; z( Q# K, e' p' L# I& }
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. / S; Q5 Q" V0 ^4 ` {$ c: t' s
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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." 4 N! k8 t1 D% D2 T/ a, j
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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.# F- H" ?! |9 t4 s7 n, Q7 L) c4 W
5 |/ x- s1 T7 X# G) 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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