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Last updated Apr 12 2006 12:28 PM MDT: H: j6 y% v/ H
CBC News 1 l; r% H! x! v i3 ~: u5 u
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. / T# X8 C/ l' U& v2 Z: l: M! \5 z* b
2 \6 @4 o: Z5 l# p, A2 OThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.4 s# c* k9 w2 ~# q
' H0 u' d: n# p7 |8 SThe 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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- J7 `! t! f- Z, F* ]Vancouver is the still the hottest market at nearly $500,000 for a single-family home.7 n; N( f7 ^3 I9 k ?3 ^% {) q% ~' y, c
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Clark says there's one reason Calgary's market has shot up so quickly. 6 Q* l, d# H* f) h
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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.
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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." % Q5 c1 e3 o2 t& A; w k1 ^
7 f! [: @0 o% D7 B: Q) g1 zRealtors 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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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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