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Last updated Apr 12 2006 12:28 PM MDT9 x$ t# {: X1 v; K% L
CBC News
\2 P. E% l% }/ |, lThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. & s9 k/ h& v4 @. y, N$ _# ~
0 G }! J; L+ V/ c* oThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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) |7 r! [% ~: Q, _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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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! b- @$ J! h# P* F& K- p( Y& h/ Y) [: hClark says there's one reason Calgary's market has shot up so quickly.
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; S/ `( M& u$ Y' `% p8 m"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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; {) V# B5 S8 b. ^' i9 ^9 @' i"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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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 X) _+ t9 S% j' h# }
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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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