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Last updated Apr 12 2006 12:28 PM MDT
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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: w9 h+ p% w& `3 T
9 T; }& r, `4 ]. aThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.. x& a5 w/ q0 [9 A5 z+ s7 m
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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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: \6 z |( \2 ]; V r; M6 WClark says there's one reason Calgary's market has shot up so quickly. # \ n: _ b6 d6 H, M+ G
: E" p9 u+ t" y! Q"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 6 x9 W+ N! R x
) g O$ r$ l! r- j( [ @5 y7 TRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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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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