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Thu, April 12, 20073 V8 I2 C% k7 |3 q# ?6 E; Z+ X
+ j. r5 s) z! ?) rCalgary ranks sixth as most expensive downtown housing
# Y* I6 ?/ {% Z. LUPDATED: 2007-04-12 16:38:42 MST' d" t0 G$ m$ u1 L
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More and more Calgarians are buying downtown homes but paying top price for the prime location. - v6 @/ P% u: u( L( g6 G( [8 p
3 {" K8 l; w, A; [People who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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- j" G( Z0 t# {8 E! L4 eCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft.
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; P* {, O( |0 OGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. / D; Q" }- o" D! U" s
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“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 4 l$ [6 S& H4 _" m' W/ J* U
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” $ ?+ C6 b5 M- ^" M# `+ Z
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. , U% ]$ k9 N5 A+ `8 i% j* c; |2 O
1 \, r0 }1 N8 w6 l' M“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. : O: f: b" h: W! L8 z# T* b1 x' r
0 y1 U7 _; f: I1 e* J( p" d1 a @He said 30 % of the housing market is condos - the bulk of which are in downtown. + t/ Y* N/ T; Z% a& L
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. % i! a# h( ^* C; E
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. ) e3 l& i* e" y2 \6 i$ Z) v7 l6 E
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. 4 J- i( z: y, `2 x5 N! a
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 ! K0 I7 K+ |2 W
7 x f5 h) `! V/ V' c, f% @0 C0 Y9 LThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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