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Last updated Apr 12 2006 12:28 PM MDT! _* o' n# R# e, C0 S/ E
CBC News & K6 H, j t! s% m: O% o
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 8 M$ [% `; j7 i) w, b
7 q5 }+ Q# S9 @" d+ U: \7 v9 m" TThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.( f! X. q# W8 a9 [5 c
, L- k2 O, J/ @9 U1 Q- _The 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. # K f1 {, B7 r) K+ W% O/ J9 q
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. # B, ?) b3 o1 G' Y9 I
& ^$ b: Q- m; I: N0 g( z# t"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 2 Q, Q0 |& ]; X. i. _# B1 H9 M
6 K" q7 N+ c, H5 y"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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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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