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Last updated Apr 12 2006 12:28 PM MDT5 o7 l% ^- j5 Z* `
CBC News : w5 A! i; ]5 l; o0 c; m. q
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.# d# J, b% c& I
5 F$ `; B+ w6 k. dThe 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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* B- M* N8 U! K' tVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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: z a4 N) y" c N; t"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." , `1 t4 Z# m: d( j* O5 K# z/ [! ~
8 d4 V7 A( Y$ a7 i) t3 ~: w! @; PRealtors 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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# O% \& `4 ? i% xGeorgiana 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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