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Thu, April 12, 20071 r) a# S, @: f% M# ?1 r( V! Z! ^
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Calgary ranks sixth as most expensive downtown housing
1 w- V, K* @" O" h9 l W3 OUPDATED: 2007-04-12 16:38:42 MST' S8 d; I+ O. L. i
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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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' f7 g6 N9 Z/ ]( |' j" VThe 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.
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1 w% e2 K0 v) d1 o n/ S“To live downtown people pay for it.” - r! ?5 N* f6 ?1 o" N
" M& _/ e) P8 J+ U! sA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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2 o0 D" R# X3 SStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ; f) A$ X) t3 g& I% t+ 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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/ G$ Q, r0 r; z3 { _6 xThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. % Y8 G( `) L8 k& x
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In 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. - G) o) e/ a. b' D
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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. : r! h' N" C& z5 r5 _- v& p' @
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 2 L9 \4 t1 g& p0 A- f& E; ^
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- 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. - H' ~* a+ H3 c
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— 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 $119
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1 c2 G& o$ }/ v7 g7 CThe 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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