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Last updated Apr 12 2006 12:28 PM MDT( D$ M1 h o+ a! Q \& ]
CBC News 9 W( z8 b. _# c) k+ \% J: t& f
The 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.
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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 $358,000 in Toronto. 4 L$ z0 c6 \4 y+ O
: o* F6 K1 ~: w; v% }3 A1 YVancouver is the still the hottest market at nearly $500,000 for a single-family home.3 a+ {! m9 r$ U2 T) g0 Y: w3 w u
9 L) y7 W: G, N0 XClark says there's one reason Calgary's market has shot up so quickly. : T/ B7 T. \2 ^
8 x! V0 u4 \: ~+ _- i"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." ; Z5 e C, X) ?/ n2 e
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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.8 o5 W( K3 _- p& V/ ~, W
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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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