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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing2 F! {' x% A& r1 n% }
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. + _3 @, z3 j# e# C: Y9 `7 I
) f6 `# F0 O) a) iPeople 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. 8 Y5 ]; q; `7 B+ \" `+ _' U
6 r) A7 V( o# H6 h) }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. r6 q& `3 K+ m4 Z5 h, R
$ U1 b, Y. C" B/ w. q' f( O E% {( t$ ~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. $ h* H& @5 R5 \* ]
& A" k7 p$ m% r2 K* q V* h' O0 t& \“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. & _# v8 f2 H$ k2 S4 J1 M
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& l$ x+ Q5 N# ?( w* g( T2 Z! kStill 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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0 _* J% a1 \# P0 Z `4 v: J \3 c1 DPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. % o( a4 h3 Y; |6 X0 D& s% Y
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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. 2 t' ~5 v* Y" z: A
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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In 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. * s# J* _4 c5 V2 k- ~6 T4 f4 E
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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. : n. `0 J; B0 _: {9 d6 D
1 w3 `" ^0 W. T* P5 w HA 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.
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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 $119 1 y' X( q2 e- B) y$ @4 ~; U) Y, Q
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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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