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Last updated Apr 12 2006 12:28 PM MDT% W1 `! e% ^& g9 C0 l$ s
CBC News
1 o+ L, g' O. v9 b; K' F! \3 mThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. " g2 h+ ^0 Z& X5 F& L
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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.
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0 z* Q; _: ^ p# Y2 E4 xVancouver is the still the hottest market at nearly $500,000 for a single-family home.2 F% p% C# x+ e4 P
0 @& @+ c. b$ t1 u- U! g5 `Clark says there's one reason Calgary's market has shot up so quickly.
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: k h7 b" J) c8 f$ ~"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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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 9 c0 }" ~$ \$ R" F
8 @) K, ?5 ]& v! d1 H! J+ S$ uRealtors 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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