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Last updated Apr 12 2006 12:28 PM MDT6 v `+ h8 ^/ c' h! {
CBC News * z" t: d" W# x8 p: S" i0 L
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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$ N( g) O* r3 F1 A$ l8 q! e' bThe 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 $358,000 in Toronto.
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6 {: }* G$ h' y4 o# l7 @+ ~7 K( dVancouver 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.
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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. ( s2 E. g2 h- N
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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." 3 C1 B8 I8 V/ f
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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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' s# F; q3 N5 Q. Q: Q! Z2 z7 ~( T! JGeorgiana 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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