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Last updated Apr 12 2006 12:28 PM MDT; ?+ ?* w/ p, ]4 A0 l
CBC News
* i& O8 w& O; {! l0 ^8 eThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. % `$ N& [: Z* K1 i
& x( t& q- x0 M) F# g7 ]1 xThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.& `8 m/ X% `1 {4 m2 @
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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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) M. N3 b! p A! H. E% |# {, @Vancouver is the still the hottest market at nearly $500,000 for a single-family home.& Q/ w6 o; c, Y) k* l
8 I. C7 ^! j& gClark says there's one reason Calgary's market has shot up so quickly. ?8 @: i$ h- R& P$ R- g& w
+ e* P }% E% x; W"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." 3 m. e- Z, T) D4 }: V& `5 c
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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.8 D) y. Q% A8 | }# y i6 z
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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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