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Last updated Apr 12 2006 12:28 PM MDT
" a1 E: X1 h6 x S! x8 \CBC News 8 u7 t6 |- n4 \9 r
The 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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! U" z8 u2 c: m* Z6 T- vThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.3 ^9 H5 ?/ n# |0 W! h- B0 E& T
1 a# w( f: _+ m- |' m7 n; v- YThe 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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.4 E$ h3 j* @7 R! K$ N' E( P
# n _7 b6 {# T# f! b- j* v$ n2 zClark 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.
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/ f8 A* H5 e: m' ~# b5 q"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." * _; V; x9 E8 f9 F
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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5 A" ^0 G% D$ u7 E! w7 ~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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