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Last updated Apr 12 2006 12:28 PM MDT
7 m# J1 J4 `. mCBC News
* U4 x E( G6 ^* P1 q; P3 OThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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0 H: m2 }5 X! L. s& p( UThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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8 x1 J4 h( `. A9 H YThe 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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.7 p9 l/ A/ J5 f( @0 m0 R
9 x6 c1 W) @7 s; P7 JClark says there's one reason Calgary's market has shot up so quickly.
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' `$ M5 w; T, V' D8 |+ H"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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* }% g6 a, D" o2 {0 A$ Q. s- u"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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7 s: \+ D/ U7 U3 {' ARealtors 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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3 a; p) s4 G; }; d1 I' wGeorgiana 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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