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Last updated Apr 12 2006 12:28 PM MDT a+ N& x3 L; K; F! ?1 s8 _/ j
CBC News 0 d( x: x, h. U3 i! |8 q" o
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. - P. J; B) E; K/ {, f! V' j6 R
2 v( x7 P2 }7 |8 m2 D! fThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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4 ]# Q. C: P, r, q: S- @; T& iThe 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 $358,000 in Toronto. , o+ d3 q$ w2 A7 N8 W5 p. z) u! j
$ k# b" o8 s. s* x: H# B% r% R2 cVancouver is the still the hottest market at nearly $500,000 for a single-family home.: N% F0 j* [- A6 ]
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Clark says there's one reason Calgary's market has shot up so quickly.
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+ v- s5 n, r2 E) ]"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. * a |6 D8 N& }1 L N7 g4 g
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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." - D# M0 b. a2 {7 s3 K' c
2 c1 h5 s+ O! w, X+ H% HRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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: w9 K* R$ g, I, t, [) sGeorgiana 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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