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Last updated Apr 12 2006 12:28 PM MDT
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The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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4 _- ^" l4 }0 z+ t- s$ d6 mThe 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 $500,000 for a single-family home.
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1 t6 Q5 G( j' ~Clark says there's one reason Calgary's market has shot up so quickly. " |4 V1 b: k$ A( }( u$ E' r
6 P% f% h3 I0 e! C8 ~"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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" M; {7 ]% `8 w* \"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 7 ~8 O n' X/ q0 C B, G
' Z( C* o0 ^2 yRealtors 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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% ] ]; U9 N- C: RGeorgiana 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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