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Last updated Apr 12 2006 12:28 PM MDT/ {3 C- O ~! c& z _( `
CBC News
\+ c4 y' X3 b& q# ^The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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) s$ j- {( F! ~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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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. U- g7 S {) Z! |. [' D"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 9 U5 J- H* k+ l
+ [& G+ q$ @) u8 l6 u9 p"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 $200,000 more than the asking price.% {0 s/ h$ c/ z+ t
8 Q$ _; K+ U5 A( q0 U& 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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