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Last updated Apr 12 2006 12:28 PM MDT+ D9 `2 C" B0 ]2 w( g
CBC News
# p- X$ V0 F) ?& ~4 g% U- jThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. , o3 `4 h) G0 X0 P
% G; ~7 O1 m9 C- v$ c( ^The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.3 o) P. {- d) \9 c" _' n' O6 z! G
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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 $358,000 in Toronto. ! V2 J3 K, J2 m# @" B- Y' c# j* d
7 U# c0 e3 _$ w: g8 QVancouver is the still the hottest market at nearly $500,000 for a single-family home.& Y, _0 h5 q& E: \' O6 W+ N/ ]+ c5 I
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Clark says there's one reason Calgary's market has shot up so quickly. " i; Q7 w. P/ P$ f; G
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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. 2 X h3 q, ~$ i0 `: @2 l4 M5 S
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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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. b3 N# Z2 x# @* y8 h+ qRealtors 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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E! I# C8 Q3 xGeorgiana 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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