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Thu, April 12, 20071 }& g v' O# u2 u
0 x5 n& Z3 O/ Z6 K( d8 CCalgary ranks sixth as most expensive downtown housing
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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$ k2 V" ~; ?2 j0 p8 D" I- yPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. : l" P7 @' I4 L6 Y
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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! v& r# l. H5 j5 @“To live downtown people pay for it.” # h" n! h$ E. N! H* _: u
2 T5 x6 N! s8 m, C1 ?' `9 \" J2 d$ ]A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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1 @0 z4 y! Z7 K" ~2 cStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ( o+ X& ?# P1 {2 s
% z# a6 D' y, |( _He said 30 % of the housing market is condos - the bulk of which are in downtown. : M8 b0 x) V+ N8 k; A7 `- t
% Y3 B% W$ f9 L; M3 ^4 l+ aThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 9 b- b" D# H3 n: C9 p9 N S
$ _ Z+ c5 M9 h* ]/ O8 F, fIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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7 f2 o' ^' V$ i: dWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. ! e) Z. f g' y z8 H5 @
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. " \( i4 T5 L2 y9 M. o
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. - p- ]' i/ q8 d! Q
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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