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Last updated Apr 12 2006 12:28 PM MDT
' K; x+ C4 m4 C1 cCBC News - U" M2 V/ i* K( g
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 3 q" F& B/ n, `7 e( p9 l+ Y
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.4 j- `. E( @7 n8 N) J+ g' ]
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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 $358,000 in Toronto.
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) O5 ^' j# p5 B8 N" ]6 ~$ d" cVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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. W7 T; \" e9 ?3 KClark says there's one reason Calgary's market has shot up so quickly. & a2 V, o3 E. V% l: d4 |+ q
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. % j) j- v# T7 \
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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." : j+ p5 _+ c! \: t: A z5 P% r0 p5 ]
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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.9 B- i c" q: ]! ?; ?8 ^
! d F' g) b7 D4 CGeorgiana 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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