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Thu, April 12, 2007
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0 x) R4 p) Z& v5 a* x% @: B VCalgary ranks sixth as most expensive downtown housing
& }& k) B4 X) TUPDATED: 2007-04-12 16:38:42 MST$ {. W& b1 S Y# g% C8 l
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By NADIA MOHARIB, SUN MEDIA# u( k* b9 {5 @( ]! S
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' G& p. T' R) eMore and more Calgarians are buying downtown homes but paying top price for the prime location. 7 c4 P" Y' B. E# _
1 r# c% n6 T( S7 U$ uPeople 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. 2 Z$ k4 E4 J7 h/ e# L
: V% i1 L6 s, k. \7 DCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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) A6 g4 w* J$ X+ p% ^$ jThe 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 $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. ; m0 y$ f9 d, B0 u; `' X' v3 q; A
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“To live downtown people pay for it.” - Y# z9 Q7 t9 L7 i! S$ i
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ) s: ~! U. T* _! B
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5 e/ b h3 p$ d- R! k: q' r' pStill 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.”
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7 c8 p/ u# o, B5 _) jPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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0 ^$ S/ U# k8 d9 ` G/ U“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ; o% E0 a" N& A# F, O
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ' V& h' f/ g* L- J- G; x$ p
% r/ b7 w$ U5 E5 ^7 D. [$ [7 LIn 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.
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, _! P! J8 U% S- t4 n( }" xWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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* g. o! ]" e' {9 u9 DA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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0 p! h& X. T2 i" ~3 p4 R; M3 j* a! rFAST FAX
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" i( ^8 K/ o; c9 y7 f. p p- 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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1 G# S- S9 V; p1 \— 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 ' O% o* d( n. K
: G! U4 F% {7 l3 TThe 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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