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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.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.5 y1 g& d( e/ q% j* h- \7 K
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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 $358,000 in Toronto. ! q1 q$ M$ c- S4 Q. G9 l
3 f: z$ G% _' N6 e7 t; }# EVancouver is the still the hottest market at nearly $500,000 for a single-family home.8 i0 d! F0 Y# }! D" |1 P
. z2 Y9 g3 n$ Z# \& A# ]) O0 r6 v/ iClark says there's one reason Calgary's market has shot up so quickly.
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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. 3 n4 v5 J$ C1 G$ M9 R% \5 z' V
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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." / @4 J8 ~4 U* E. A
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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.
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d+ e. A1 E( S7 U) UGeorgiana 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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