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Last updated Apr 12 2006 12:28 PM MDT+ X8 j+ H( R0 H' f7 ^0 P; q
CBC News - O7 k; R! H/ Q( G( Z0 K$ |' ^! @
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 6 @3 z* k2 X/ A, Z; M0 D3 b+ u8 y+ I g
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before. b9 I' F% f! q5 P
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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. . k. I- J( L. {
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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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. & y1 p i) M3 |8 i- m5 b
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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 $200,000 more than the asking price.' {# b3 S$ |3 M7 a) ]4 d" }% f
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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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