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Thu, April 12, 2007
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3 N9 {" ?- t- p8 w" UCalgary ranks sixth as most expensive downtown housing8 f, R$ A2 P/ h/ G
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. 7 `5 J/ ^, c5 U D
! g/ q. P* J9 N) VPeople 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.
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# W+ R1 x# d+ G0 VCalgary ranks sixth most expensive of 31 cities surveyed around the world. : d9 h% B4 Z" L1 _( [: C# C7 b
+ I r/ g, R; w8 QThe 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 $209 per sq. ft. 3 v- @# [. Z+ ?
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 8 C2 j. z0 [1 u
. Q s* U0 P5 ~+ _+ S" ~“To live downtown people pay for it.” 6 o; {8 B/ f% d% g5 _+ e/ z( @$ ]
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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. G7 G' ~" r# v* u3 u$ O4 WStill 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.” 7 v! ]: W |7 p& H2 @
2 Z- g5 _0 [. E/ J/ ^+ l! b' `Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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+ b8 Z: I! M$ j6 \) W“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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He said 30 % of the housing market is condos - the bulk of which are in downtown. " D3 P0 k+ ^) U, M: v9 P/ I3 ?
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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.
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. m8 v. r4 m% Y8 p" ?" i7 Y. w5 X6 yA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 8 ]1 t1 |+ u6 o; B0 p; g
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FAST FAX
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& A, i6 K7 f, R# ]7 y; g% u- 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.
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" s ^: Q8 Q& M' |" P- W3 a— 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
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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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