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Last updated Apr 12 2006 12:28 PM MDT
# c- m! k! d1 E, [ r6 {2 S# e4 @# E! ~CBC News - _: ]' i+ F$ O2 c" ]* `
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.8 B0 p! m, X8 F$ Y, V
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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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1 L) {! y) ]% FVancouver is the still the hottest market at nearly $500,000 for a single-family home.4 C; U, D* G/ X1 Z: g
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 2 @. n. K2 `: d
, x& S3 c0 {! a7 D* Q* {"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." : s9 @" o P, y n% ~$ |
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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.
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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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