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Last updated Apr 12 2006 12:28 PM MDT) H; d$ q; {3 B4 E7 W* H
CBC News ! [9 B5 Y3 L2 Z2 G2 G" P
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. c; t- J+ E: j7 A/ _9 R9 _
- B2 S. ?, H% NThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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1 j5 g# m; L6 R% A, O9 s, QThe 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 $358,000 in Toronto. % z5 v: k) w2 ~0 M; i6 h$ _( {
2 Q6 o) S* z5 G* F/ T O( j0 IVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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0 r" ]7 D" n7 R6 RClark says there's one reason Calgary's market has shot up so quickly. ! ~8 [* R2 O) ^- ^3 e/ B
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 7 Y" U( S* D3 ]& E( j
5 e4 J0 }4 Z' z: D- r+ n6 e; D"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." # g4 \# M) @$ T/ f( Z) M
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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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" s5 a- k: q: iGeorgiana 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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