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Last updated Apr 12 2006 12:28 PM MDT, a$ K: J) C" R+ J
CBC News
' O$ A: U* G3 g& R* RThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 6 b5 w) v+ E- B2 S/ s9 C) U0 E) c8 o6 N
( G1 b$ E! j! }The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.6 f+ Q- H% I7 i9 E) b/ f/ n- T
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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. $ s' I L+ m- Y- N
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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4 x7 {( ]+ S; 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."
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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.: ]# c: D2 g) o* X4 s6 f1 x
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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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