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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 $5,000. 8 K C/ V3 `$ T
1 U+ H7 w' I! }0 D7 r$ F# NThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.* ?) j" f' C+ t" X/ k k/ O
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The 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 $358,000 in Toronto. 2 x! X/ \8 j. w$ K( D$ K/ |3 _( y$ [
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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* A9 G: w H! v7 c5 v" Y0 t7 wClark says there's one reason Calgary's market has shot up so quickly. : u# ], M: b2 C- A, o; ? S% Q
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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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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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+ k9 j3 i3 ]+ Q! C {Realtors 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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