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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
/ H& {4 i0 C5 YUPDATED: 2007-04-12 16:38:42 MST* P- a4 T1 M9 _, |2 E+ K
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/ e( L8 B H+ K' |More and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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. & |+ |4 S& [7 K6 P
9 p8 ~' l3 z2 ?6 FCalgary 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.
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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. & g L4 R; ?0 P, {/ d. D
( o3 z5 a2 b5 @- W“To live downtown people pay for it.” ) d, Y8 f# c1 R# q
* }, R' O8 B2 mA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ; X: c X7 c& \6 |! i' h! S
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Still 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. , t7 E2 d+ s% \# [- d: d' c- v" X
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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. 3 d; c# J, v# ]3 H
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 0 c! J- b S* ^ U1 j
; t" Y6 ^9 {" o' H UThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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% |% T: D$ a9 Y: A0 S4 [In 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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2 s0 m+ F7 G, Z. MWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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- v w9 j# B8 F% T5 TA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. ' w9 }# q, ]1 J
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$ Z" p( w0 n( i, Q3 h- 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 $105 respectively. 9 h3 h7 }$ M5 @
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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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