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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
9 N* c. f4 v+ L$ \ N1 }UPDATED: 2007-04-12 16:38:42 MST/ V2 c0 i1 `+ X) P6 m. W" I
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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$ A c7 ]$ I) P1 I$ L% zPeople 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. 1 o- `' p; k: }5 n, O- z7 w! [0 r c
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 0 ]$ C% f K0 R% N
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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 $209 per sq. ft.
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0 P: T' n5 M$ Q' B$ G# iGeorge 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. - @6 F( C c+ K9 }
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“To live downtown people pay for it.” } D' G v X" E7 k7 l) `/ C
( ?9 `8 F$ x$ C5 n: GA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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& e$ J9 R! Y% x( y! GStill 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. ' p$ y6 R/ y8 x0 _( Z( h
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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. `, x& h# p7 w0 A5 q$ E, ~+ [ l
/ L7 {/ w* n6 e( L. _5 @2 S, ?" KHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The 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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2 A' L/ e4 l) Y+ e! A. A% vWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 3 g, G+ f5 J1 i7 l4 s- ]
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 1 [! M4 l! q" k
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: n$ c/ l: m( b- x0 ?9 z7 U( M- 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. ! Z) t( J3 |' \ \
0 t! V. r7 }& Y- B- A5 x— 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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