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Last updated Apr 12 2006 12:28 PM MDT% C$ K0 x% m. M" w0 q, u9 l9 k
CBC News ' O6 y0 k; Q" f- o7 e8 \9 | O
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 9 B. l4 [" p/ I7 W z D
( o2 q; s+ l" z8 c1 u! e& x6 vThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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The average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. & M$ T& E, l ~! ?4 L
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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c8 z, Y) X2 e( J8 G' X' B"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. ' J+ k, ?* v' ^ _. K! H
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 7 _1 h7 u, n$ r7 H, `
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.; e' R- ~' V7 j) m( z: j2 A6 F. o
0 w% M4 F' ^4 d! u HGeorgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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