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Last updated Apr 12 2006 12:28 PM MDT
- Z' ?' ^' l! F+ D9 U e- p' _CBC News
+ T& k* ?3 A1 S" \4 j2 I( lThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 8 T: y# N/ @, J$ L5 A
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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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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 $358,000 in Toronto.
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" h d F6 x" C$ S. j* sVancouver is the still the hottest market at nearly $500,000 for a single-family home.3 a: e, V& s; {' q" B8 i% t/ n6 g9 h
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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. 9 X+ u3 n/ N# V; E5 D
* }4 z. B, ?/ O/ _- A9 O7 L"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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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.( m) l( L: P3 B9 m0 U1 Q
X# { m& i" l3 rGeorgiana 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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