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Last updated Apr 12 2006 12:28 PM MDT1 n }8 B7 J1 g- g' L/ G# G' o. ]) I
CBC News
0 @, x$ I/ S0 N. OThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before., B% z& H4 [. r* G8 Q
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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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8 ~5 E& N; S) |2 M3 ^' e) |Vancouver is the still the hottest market at nearly $500,000 for a single-family home." }8 m; J5 z2 o, E9 |3 F) u, j
8 k* J! W9 x7 TClark says there's one reason Calgary's market has shot up so quickly.
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! F) z) j) m2 \. C"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."
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.8 m7 f; J$ b, C$ g
" ]& M O; D; u, b& {1 k& ?3 @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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