Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
# p) {; m- i, Q* W3 e( zCBC News
; U2 j" d' v+ LThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.

9 i( Q, L) u1 t; ?+ w8 CThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.

5 q: C7 `! D+ S/ S5 z3 UThe 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.

Vancouver is the still the hottest market at nearly $500,000 for a single-family home.

5 `& K  @8 r) p! T' Y  Y7 JClark says there's one reason Calgary's market has shot up so quickly.

6 q% X) G! t/ S* U* ["The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
% x$ v/ M1 a# n, J/ y% j! j/ g
"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

9 P4 g2 l: o; {" r! Z" t* b0 M; KRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.

4 W6 e- Q; F" \) q" a1 o, NGeorgiana 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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