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Last updated Apr 12 2006 12:28 PM MDT% U* S% k% S6 R3 t9 c0 f. E3 O% Q
CBC News
% g! k7 w# |/ \5 v+ mThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.* Y" o9 T: e2 V+ |
1 ^4 @- z: o3 S. o; e/ H$ {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 $358,000 in Toronto. 1 S# ]$ _9 F8 v5 ? @3 F: l7 l
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.+ f7 l. i `9 U
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Clark says there's one reason Calgary's market has shot up so quickly.
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( Q: W/ a* x7 i% @' ]"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. , G+ O7 A* I! }3 i1 r- ]
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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." ; w+ r8 @9 h, W
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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.9 }) J2 u6 r( e: C% C: _, p
/ ~3 B; a; K0 I! j& B% v+ C5 l) x) wGeorgiana 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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