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Last updated Apr 12 2006 12:28 PM MDT
1 o. z6 p4 K: u' O* ]CBC News
2 u* b B( l5 v) y2 }0 Z/ ~The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 9 h8 l9 f4 q) q0 G' x5 g# P! N' x
6 X( s1 H% _% `! p% o4 DThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.9 e6 d8 z1 z% B& t
6 }3 O( u4 h$ T. X1 SThe 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. 4 u1 D- H* B# B
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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- k. b' H. ]$ R+ J$ l( LClark says there's one reason Calgary's market has shot up so quickly.
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"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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V3 z) |/ Y! v6 T' K1 g+ L8 {"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." # k8 t) N# t- S o ]1 K
6 z8 L+ ^/ W: H: ERealtors 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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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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