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. L( w$ c* m5 u' L* d' MCalgary ranks sixth as most expensive downtown housing I) P/ v; S0 M: k" _
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location. , ?7 u; }3 u7 R: k4 S
( z2 x; c7 q+ k9 C: C0 I2 N4 R+ tPeople 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The 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 $209 per sq. ft. 5 W: T2 L, U2 M% W
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. : @1 ~) ^' a- w
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“To live downtown people pay for it.”
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$ l* X8 G. T; y7 l# RA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ( V ]. p) p5 y4 L- P# ~
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* P9 [9 |9 t/ H8 u4 ~Still 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.” ( c4 o( B, H% O
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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9 }, _. A7 k9 [: D0 kHe 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 $322.
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; n2 e$ P: {8 h# | s8 jIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. , L" E/ y' w3 l6 v0 t! o; U8 o
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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1 k+ k, u4 C$ Z/ {+ s' cA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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5 O3 E. V6 \; I9 G, [, k6 G+ `" 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 $105 respectively.
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9 N9 U' O5 P$ Q— 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 , p. S5 G3 `5 C
* W( |9 j) R8 c. AThe 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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