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Thu, April 12, 2007+ J& c) q K9 j4 H. q
* R& }( s" ~9 x9 w5 i7 wCalgary ranks sixth as most expensive downtown housing" n' J$ m6 s- @, K
UPDATED: 2007-04-12 16:38:42 MST$ w" p$ T% d8 {& s4 j d* m: q
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. . c3 z8 [) r+ h( X/ l, A6 V C
" |. _/ x$ q2 A; X( F8 M$ APeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21. ( q2 V Q5 T$ b
& O1 I9 @# c& o" j& d- `- QCalgary ranks sixth most expensive of 31 cities surveyed around the world. % y/ S! R* N" ^" j4 _7 i% c
) t2 }- }- T2 n; p, S" WThe cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. ' U! b3 [& g3 `7 o3 S" v
, x5 ]9 o! O3 X6 \- ?George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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+ i% p( ]6 A& U“To live downtown people pay for it.” / R5 `) R# T3 @* Y7 j" _
1 v1 T7 Y+ n% p* ]" P3 h9 i- MA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. / C) N! y! U" W3 \/ k9 d. D- i3 o
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. # B4 R0 U# m8 f0 ^9 E$ i
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ) V$ N/ Q6 ^* C3 |+ A; I+ C
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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$ c6 H$ s5 c+ O" n5 iThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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0 T( t6 l" x4 O, Z" z! ~. ~In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. ' P; X" z. E& { }
: b% Q9 @* w! g8 }/ O* V- NWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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+ N& K! h6 b2 C% C- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. / n; b( N0 d/ z2 u. c
% K% H R7 ]0 C— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 7 V$ x% b8 {/ B. m
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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