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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
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More and more Calgarians are buying downtown homes but paying top price for the prime location. J$ t. x/ J' v! i
8 o( [/ K3 R u1 R) N' C* NPeople 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. L4 `5 h- o0 }* O4 }: ]
0 h9 L+ h; ^9 zCalgary ranks sixth most expensive of 31 cities surveyed around the world. % Z- A* f$ K) N& P, y# k
- k3 c2 D; O, g% DThe 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. 6 a( Z/ F+ _3 Q `# x4 a; e
8 A( |/ Z6 |& cGeorge 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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i9 L' L( M) ?, C" M T; d( u“To live downtown people pay for it.”
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, ?, A0 M0 z, J3 g5 IA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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, H1 P4 V }" N" {& I# fStill 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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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. - u, E @3 e, I& B) i
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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.
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/ P! Y! S& n" M+ G4 Z. JThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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/ [3 k; v+ f( JIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. : `5 P: z# A* {' L2 a$ Y
( C- v& @) l6 V$ e; j; q( nA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- 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. 3 C* B4 q/ b; ~, R, \5 n
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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 * g+ s+ e; _, R! Z
! B' w6 k/ y( t' ~3 v0 b* eThe 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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