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Last updated Apr 12 2006 12:28 PM MDT
5 A- @, S' G3 ?3 S' ECBC News
5 e$ m- A4 A+ D' |5 G% h5 cThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. * |7 s( t0 k: r- I4 u0 u" |! `
+ a3 i$ \: v$ S* k S! XThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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5 _1 V* d8 u: {1 ]! F& ?The 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. * l5 I- d/ m4 E* W2 x& l+ n
/ w3 L& c% H ]Vancouver is the still the hottest market at nearly $500,000 for a single-family home.3 h# m+ y$ `3 C1 g1 W
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Clark says there's one reason Calgary's market has shot up so quickly. ! E$ v' ~3 Y, b" Y3 \
' D+ F7 D5 I! k' f"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 @& o t' E$ m/ x"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 $200,000 more than the asking price.# _7 ~" k' w1 _$ N
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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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