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Thu, April 12, 2007' b. |1 s! z+ c9 q
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Calgary ranks sixth as most expensive downtown housing) s* A' W9 V, ?4 I
UPDATED: 2007-04-12 16:38:42 MST
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& M* E2 q1 G0 MMore and more Calgarians are buying downtown homes but paying top price for the prime location. , K8 B. p' H4 m6 l
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People 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The 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 $209 per sq. ft. 1 x. n* t3 k* W1 D: D' a: Y8 i" j
6 ^$ ?% n/ \0 n5 r; `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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“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ; k4 u& h3 p- ]
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1 |0 d4 q8 d2 iStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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, Y3 z8 }5 ^+ ^7 A$ pPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 3 k5 N$ B# E* N' d; w+ L" S
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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. 2 A! v& w% r; Y# q
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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/ E% L8 r0 t$ o' @) C& m# gThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. % E$ O6 ~; N+ y1 n( i0 r
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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. 8 @1 v/ G) g- h% v; m
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While 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 $323 per square foot, for instance. & a8 d4 u3 V0 u$ w* l0 a- h* p
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0 p4 L W$ A7 W3 Q2 ^- 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.
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) x( P6 I% o' g0 l— 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
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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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