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Last updated Apr 12 2006 12:28 PM MDT
: p0 u$ G/ J5 A% jCBC News
, m v0 y. s4 i. z) O5 y1 \The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 4 a( z2 h; ]2 x' b
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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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7 D- Q( X2 j1 k5 \! U! ~3 \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 $500,000 for a single-family home.5 ]- e$ I. t$ n5 }
+ y5 x0 z8 _! |: Q7 U# WClark says there's one reason Calgary's market has shot up so quickly. 7 d7 n, }: Y+ ?) |! l5 `
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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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0 y8 r/ w' m# S+ C/ z) |"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.
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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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