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Thu, April 12, 2007. S3 z& Q# Y* F+ E7 I
& ^1 i, j' \1 l- C: CCalgary ranks sixth as most expensive downtown housing l% A9 ~3 i2 C- S# _# V$ q
UPDATED: 2007-04-12 16:38:42 MST
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- k4 f2 o) @: wBy NADIA MOHARIB, SUN MEDIA6 |( A4 |' q' z
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. f5 q& S0 \ Z$ @More and more Calgarians are buying downtown homes but paying top price for the prime location. & U$ k7 b! R% @- }
7 R# _0 ]: d8 |0 ?People who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21. 0 Q# h4 c' [( m' v6 _7 w% q4 Q& `7 _1 H
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. . j6 V1 h, o* v, s# x
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“To live downtown people pay for it.” ?: m5 ~1 c- D4 g4 p8 e( h
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 7 I( d) d$ v) X( V( J- R
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) v2 t) l; j" K3 F: A% K0 `5 D3 UStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. , y4 W1 Y1 k) |# U' A
5 q8 o, Q$ b2 E- f/ F, H“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. , C! b# ~! E6 z/ [. A( b
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 3 N8 x4 K* z y
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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9 ?& r8 [9 }% w- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. 8 _7 g2 R5 H) F2 y" \2 V( {% x
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 6 J6 e; F* W0 q8 y2 R. J
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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