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Last updated Apr 12 2006 12:28 PM MDT4 d1 L' o& e: T6 L
CBC News 4 Y: i, V) a4 e. Q1 w
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 8 X3 @9 X' F2 V6 ]
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.0 S; v6 d* c( l6 f5 j+ N2 |
* m+ ^, r. n) e6 [" J- U8 ZThe 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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Clark says there's one reason Calgary's market has shot up so quickly.
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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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/ o6 S0 X0 L3 f! L q"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." . S( z; M+ k+ @& R3 u! k, u
$ q$ C) X2 Q& N; Y" `! R! @9 nRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.1 h3 m5 o; S9 E
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Georgiana 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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