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Last updated Apr 12 2006 12:28 PM MDT& C4 B ~$ m+ l0 }- R
CBC News
) d( D8 l, ~$ ^4 r+ W; G& L! o. XThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 0 C5 n2 ]$ m; r& H5 g7 s/ E7 i
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.! V- m. O$ D0 ` z
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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.% z: t* Y3 u2 }9 A
& c* w ^3 S# E/ ZClark 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. ) O1 v) i' H2 u
; {# W y! p0 n" }9 C) o' q0 o"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 $200,000 more than the asking price.: C8 I1 n* K$ A0 d( _8 a; H
- I* ^; }- N: c5 [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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