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Thu, April 12, 2007
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1 h. L n" o: @1 c1 MCalgary ranks sixth as most expensive downtown housing4 \3 e/ d# o! R8 z
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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, q6 i0 A! _' ~8 n$ \/ x2 VPeople 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. $ R$ H3 o" w4 r
7 X+ ^0 [% i7 u' eCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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8 U# e T1 z/ J N: aThe 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 $209 per sq. ft. 0 Y+ H# W) I3 r
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. . J; L' f6 H y5 H; c
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“To live downtown people pay for it.” ) s* J$ R) A: @- T
9 [% s/ W0 b2 O" iA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. " H# m- z7 U8 E- l
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- Y4 ^) B/ u; |; A5 ?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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' {' _& }3 a7 `& U' XPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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4 F7 q& {2 ~5 x7 w4 c) Z9 g“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ( l6 Q7 @( a7 r! T- t3 t! J
% ^! a5 k0 i& c7 @ Y3 k. E" Q1 k- \He said 30 % of the housing market is condos - the bulk of which are in downtown. ' M: l1 w N! i" Y3 _
& {0 B! _6 Y# d' x& e) r* p5 a; TThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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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.
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6 |: S9 m& Z, ?9 ?While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 1 I1 Q9 C+ ~" R( t9 r
( B7 A: T: |* `2 UA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. % m6 U; h7 ]5 x4 j! D/ ^
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- 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. . \2 D* I1 m# o& N+ Z( J6 G
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— 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 ) ^ [0 Q' s, c- X/ b; `: w: Y
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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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