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Last updated Apr 12 2006 12:28 PM MDT2 Z; t/ b M$ ~& F; F) ?" m
CBC News
# J+ E, _/ p. f7 wThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ; Z4 R" X! c( s" q& E2 y; N
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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1 ?$ E7 F9 F* \# g/ NThe 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. " e5 ?1 f! c5 J+ d( Z9 F
9 S1 G% X8 K: A% ?8 Q+ c7 ?2 TVancouver is the still the hottest market at nearly $500,000 for a single-family home.5 u- A* d; A$ M6 `) P
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Clark 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.
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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." ) |: {* W; D: ]$ ]& {
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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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