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Thu, April 12, 2007
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9 b& M. G- m5 \. Q7 W3 e8 vCalgary ranks sixth as most expensive downtown housing; F5 ]$ N3 X+ B8 K
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. + q$ u Y2 I/ }" p4 s
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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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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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0 S' h4 c4 s/ b0 k }1 |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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George 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. \ r1 H2 P0 l H& O
$ @# J7 H! O. W, |. j, s& R“To live downtown people pay for it.”
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7 t; z; e4 T2 CA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 6 y& F2 V) r1 n8 A5 ~0 g* K
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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.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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, U+ M9 L- ?) L3 t4 M, A. o“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. # ~: g! d7 h% w1 F s# Q
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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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. 8 U: f6 M6 f2 l- l, S) b
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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. 0 V! d; S5 A+ l4 k
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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. 6 b- Y+ R4 K- ~' H4 }, U
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. u2 [0 A- A$ a$ ~' o8 ^. _
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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 $105 respectively.
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& ~1 B. `: y3 [7 } C$ y— 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
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The 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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