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Last updated Apr 12 2006 12:28 PM MDT
" O* B, Y5 C% ?3 c& t0 ZCBC News 1 z0 H0 r+ V' L9 z, c" ?1 x4 x
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. # n8 A' p* `# H& m: F
6 O' n' [& X; T8 L cThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.. \6 a$ K Z- T i3 |. ]' {
* `) B) `" z% W" _/ C8 L1 b( P' MThe 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 $500,000 for a single-family home.0 n% L5 g; H0 y$ d0 J& i$ t
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Clark says there's one reason Calgary's market has shot up so quickly. % W" u) X1 ~, B3 P- v- \" F
6 |. ?' `' s6 `- O. `"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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2 k: k0 @6 Q% q( t7 r"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 0 k7 T8 W1 y/ R) C
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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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/ {% \; y3 n9 P! r% |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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