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Last updated Apr 12 2006 12:28 PM MDT7 I: S2 @" B- W& O! z9 d
CBC News ) ~8 @; ?0 a: X; K! ]$ Y
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. # B2 h' \: Z- U# y u' c
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.8 W7 [3 z& [$ Q4 D8 D: R
! q2 { d0 z' P' \, F% WThe 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 $358,000 in Toronto. ! @# a1 _0 |% \5 L9 Q* r
, W/ [: m$ ?! P8 S- RVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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/ [" i& g' U, g4 Y( z3 U7 LClark says there's one reason Calgary's market has shot up so quickly. , s" O3 x0 A' Z; S3 w1 P* z( @+ i
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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. 7 \( S# b' O3 |1 Y! t' a Y
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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." * _, h! \8 W: n' ~5 N0 h
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price. B+ r$ K+ d+ \/ j
2 `6 p) B2 ~. \3 `& w% u- 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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