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Last updated Apr 12 2006 12:28 PM MDT( `2 b' }/ Q) C- e# a
CBC News - T5 G: s2 Z; g9 d
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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9 Q, h% h4 p! W9 f2 `The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.- X! Z* o9 G' ?# q
4 }4 r2 q. I! {8 g; h6 L3 |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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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! P8 L" a( s$ U; i6 U* y"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. ' T- F( a9 ^+ ?
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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." , c& z* o# F7 q: p. S" z
% i) @2 M" ]1 E% Q+ M; z( b1 D' c8 [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./ O% k2 o: F0 c ^ {1 ~3 o& K
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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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