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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing9 g! @4 k4 H7 w1 k/ f
UPDATED: 2007-04-12 16:38:42 MST+ u; r# i8 Q1 T* v ~6 a8 k' Q
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By NADIA MOHARIB, SUN MEDIA
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# l+ R8 J. S K$ XMore and more Calgarians are buying downtown homes but paying top price for the prime location. , Z! H4 I5 S0 o/ B
" e5 f$ `( Y0 m9 B* n3 ]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. # @9 }0 _! g1 Z5 v4 N3 P
, d# U# r, `/ T8 O, [- q% rCalgary ranks sixth most expensive of 31 cities surveyed around the world. " p2 M; l2 U+ s7 y
8 c1 z5 b- S( {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.
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“To live downtown people pay for it.” 7 g j9 X" e, X! D9 A; N! i
) g s6 i; E) uA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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. F/ i) Z) h4 Z2 G/ N2 Q. rStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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& `# f- C) {' @' b$ D# IPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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6 E9 q1 R! q& x1 b3 z6 W. [4 ^“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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6 _, m+ `* _+ e: E# sHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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# |% Q2 C$ H6 q$ r- y/ ^, }The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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- i1 f9 R. G1 ^. g; m$ q$ F/ ?3 _8 iIn 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 $323 per square foot, for instance. 9 o' j$ E' X5 | c
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% t" J4 X+ {: t& E- 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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— 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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