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Last updated Apr 12 2006 12:28 PM MDT
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+ n+ l& _3 ?$ {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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! m G7 C2 j( eThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.1 z+ a: P1 F O Q+ [! S
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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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1 _! @* c" M# ]/ B- @Clark says there's one reason Calgary's market has shot up so quickly. 8 p8 H8 H3 P) I3 R5 O: |, j, n% S
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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.
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) T# `2 ]& w% ^8 r" U"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 0 E" E8 b/ w6 W7 C% l" t, Q
$ d9 f# f( C8 V# y# A N& cRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.9 S5 I+ g0 b0 J& Z8 S% G9 [
; Y7 I0 d- C% r& XGeorgiana 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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