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Last updated Apr 12 2006 12:28 PM MDT9 A9 |4 o! _% p z$ j, T- J
CBC News 0 k# ]& q( ?9 T# H+ o
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.2 X" L6 L$ P- v: @+ e5 n+ R7 W" T, r
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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 J, v( }; T7 b0 d/ E
# g2 g1 \+ i: y% I+ Z, r& {# mVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: N$ `! I" G% w& C( N# e0 oClark says there's one reason Calgary's market has shot up so quickly.
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7 D- W5 I( Y/ \' ]5 ~5 A/ k) f"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 5 s) o5 y- ]9 m) X9 D
- B" b4 ]% S( T+ \"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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% X$ J! p+ x, ]/ d. HRealtors 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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' D3 K) a* Z( p4 j5 {3 `/ m0 f, [/ nGeorgiana 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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