Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
CBC News
9 H& J1 [: Q* c9 i& ~) AThe 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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. o9 l: _  p- n- c# x+ z3 AThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.

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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/ {+ P9 ?1 U/ l. F4 V% a* LVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: X+ {( ?/ N8 u' T+ r/ r. bClark says there's one reason Calgary's market has shot up so quickly.
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& s  d  d% l& G" _0 V0 j1 b' |* G/ P"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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- W4 v% l; `3 V$ h. d3 q"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

; `; u/ {* E' ]. z1 W% T9 o8 `) VRealtors 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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, A6 j* g( z8 o6 i' KGeorgiana 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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