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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing9 K5 @) K6 B1 W. \0 b$ c! d/ x( M
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location. ) ^( t; ` ?/ d1 |# X/ j6 `+ f7 u
. O# ~3 ^# h( R0 Z8 b/ b! A- X" X! 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. $ ]9 v4 r" |! r6 s5 m0 b: G- o
2 U7 Y% G2 a4 S5 AThe 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 $209 per sq. ft. 5 i4 e# U! a0 H$ B, Z
. w+ D Z! `% ?1 [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.
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“To live downtown people pay for it.”
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$ T9 {. @& O% y, k6 lA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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7 h' {# o7 D x" k5 z5 U: 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.” % I' X S# B. |7 U1 b" r8 J) j
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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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. 9 _* R7 D' r# S% L" {1 g: |& s
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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0 |: ?1 U% R8 _) ?" s" R% P; y/ EThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 8 P0 L+ Z4 i, A" ^3 E% b
) N# T# C: O# M5 Z$ a' YIn 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. 2 l3 b# }' V4 R9 q: H7 X2 K
! t+ k+ c( t9 B6 D1 ?0 @, sWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 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
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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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