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Last updated Apr 12 2006 12:28 PM MDT
) f4 r% X3 v; [/ e- y% wCBC News 2 T! M) @, e$ b' ]
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. : ]! x6 {3 W, O4 l6 @1 P {
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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. ! l7 |6 s2 q5 q0 o" Q7 Q8 f
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.$ U* m, R& C r* T
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Clark says there's one reason Calgary's market has shot up so quickly. 2 x; w8 P+ X c: A5 \
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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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% K6 q" G4 x; d5 W( P: l"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.* ^# w2 a5 P1 v3 g5 _% s0 Y
! u) M7 e. ^5 z5 @! f) d2 R/ o' rGeorgiana 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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