Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
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/ v% i+ }. v! DThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.

The 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.

Vancouver is the still the hottest market at nearly $500,000 for a single-family home.

. R+ R- J% ~/ V; DClark says there's one reason Calgary's market has shot up so quickly.
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( ~0 E+ {( V0 {5 X" Z" e3 g& A"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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8 r; e5 ~1 P% P- e& F/ c. i; F"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.
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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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