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Thu, April 12, 2007! t$ e$ }# m% V3 F: H6 H
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Calgary ranks sixth as most expensive downtown housing3 J8 u L' k8 _1 l! k3 u
UPDATED: 2007-04-12 16:38:42 MST6 o; w+ r5 Y* p
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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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 $209 per sq. ft. 8 ]8 D5 D, T* G
( X+ _8 q$ c5 `1 ?' JGeorge 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. - v; [8 }! d& D) O
9 f* A1 F7 p2 @$ z. m6 W# N2 [“To live downtown people pay for it.” 0 ]: ]4 F: g: C
( w& d: p/ c8 {* ]9 G$ z) yA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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$ V1 ?2 w! g7 r; J8 BStill 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.” : D" J+ }4 v; U3 X/ m
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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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. * |4 n! o2 _9 J% e2 C
5 E0 U3 K+ Q( B. z% Z" vHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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1 L7 S4 U: v# i' g1 jThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. / b8 B) Z" }+ I7 ] j. @( O
$ y' W: p' i- L: G, Z* x. P* g8 R5 DIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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$ e* ^5 q" o* D6 O6 r( hWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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8 e" ?. n5 L- Y$ NA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. T8 E" K+ z' _# `2 X! L$ }4 L7 h+ ~
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" a% r( q1 y: O# d0 Q; s) D& ~- 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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— 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 ( u1 @2 V0 |* y7 O
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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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