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Last updated Apr 12 2006 12:28 PM MDT+ r; ?3 C9 ]5 b
CBC News ; r/ Z4 W$ t$ ^4 I) y3 @
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. + b2 X/ b6 C( g6 r5 v* `
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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; t6 R. _: b' k+ }" oThe 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 $358,000 in Toronto. 8 V( Z6 A) ?$ ?* C
2 D: A8 `$ m+ L0 L* ]Vancouver is the still the hottest market at nearly $500,000 for a single-family home.9 _% W1 C& e7 q: }- \( P
e% e$ U1 o/ K5 R& L3 x! @" YClark says there's one reason Calgary's market has shot up so quickly. 2 O$ O" @- p8 c% u! v
; G$ v, b4 {' }& _' k: g. p"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. * U9 O6 n) @, u; B2 H* q8 J
& M3 J9 U4 j) c7 j7 W: @"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.
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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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