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Thu, April 12, 2007
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' i v8 f: T/ T5 [Calgary ranks sixth as most expensive downtown housing
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8 Y, R2 E6 j/ B) U. V- b, R- jBy NADIA MOHARIB, SUN MEDIA
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' w9 E3 R1 P7 P# V$ `2 sMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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+ c- @5 \8 M5 t3 G) pPeople 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. P) i3 {8 i0 {# G; h; X/ {0 c
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Calgary 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. , S* Y& X( c9 @, a% Y: c& f
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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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& ?3 k+ m1 n3 z) b“To live downtown people pay for it.”
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- I; u) t# t4 ?A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. . M/ j9 z' ?! \0 P* d; G+ j
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” 8 Z+ U) ]7 T$ w9 c8 [
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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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“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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He said 30 % of the housing market is condos - the bulk of which are in downtown. 1 S+ b9 y- u! b. t2 R( V0 S6 p
4 v6 E1 C- E4 h8 hThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. , K( l" R& p' X
' D# ]( l% ]3 S( u5 G2 r2 ZIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. 8 V4 h6 r$ I4 H2 Z. u
4 K# v- U. E/ K6 j$ }: yWhile 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 $323 per square foot, for instance. # o4 `6 Z8 r$ I1 O9 A3 O" \* }7 k6 j
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j+ \: C" f) Z- 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. + H+ V+ M. [ O* Q) @
! ]( z! k8 ^% o— 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 " C1 Q* {. i9 k7 D! N
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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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