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Last updated Apr 12 2006 12:28 PM MDT( d! a J1 s) \
CBC News 4 o8 N: `6 F; p! A. Z6 A
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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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.' J; I: Y+ p( U! x& I# t: C
" Y: U) I, G! 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. ! `5 T t" e3 i: i
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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- I; k. {7 d( D/ p# Y8 ?; t9 z"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. ! f7 |, K9 X5 w ^9 c/ f
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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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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.+ P& m) V3 F5 i. Q" w5 j/ U
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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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