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Last updated Apr 12 2006 12:28 PM MDT9 k, _2 E! d+ n; T
CBC News 1 v" s- u# P+ y
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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0 I5 b1 c4 m- i& l. i2 C8 P. tThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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" g8 S& t& ]3 E1 U! JThe 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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9 }& R, B# S3 {- {( P, hVancouver is the still the hottest market at nearly $500,000 for a single-family home.1 m& X# n) B" t4 t; K
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Clark says there's one reason Calgary's market has shot up so quickly. - k/ }+ x' k/ M2 W
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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. 1 Q: |' T5 ]+ |9 C- [7 v3 {; {
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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."
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.$ y Z e% }+ e' `, a+ Y
' @9 _, y' b# u+ L9 G. \Georgiana 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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