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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
/ J$ f' L; _+ J* x) _1 E5 FUPDATED: 2007-04-12 16:38:42 MST+ w3 k- k, P6 U! V
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By NADIA MOHARIB, SUN MEDIA9 ~; l8 h. h1 z5 J, x/ c) x
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* y9 V! D3 Q# n5 }More and more Calgarians are buying downtown homes but paying top price for the prime location.
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( F6 g4 l. k+ H& jPeople 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. 5 ?8 u' u. ~6 ^# {6 l% Z) K9 H C
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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% n4 q9 Z6 O+ R( h* lThe 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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9 _! A) U3 G3 D: T2 O& ~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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! N9 B2 c+ G8 f“To live downtown people pay for it.” N2 D1 e# ]" {
& ]3 w; x1 Q' bA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” 3 ~# H$ w( v0 y6 H- f& c
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. " O9 f) w3 ` F3 l5 B0 v
: _- J7 K; Z; r( ]0 N“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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9 I8 U: [+ q( P% H* \He said 30 % of the housing market is condos - the bulk of which are in downtown. # P0 z {( N+ e' c' z5 E! ?
' e$ @) a( t: D4 S/ j( K8 }The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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3 y% O+ c2 _$ V* ~: a* K9 W2 p5 w0 QIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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1 X2 X+ Y* ?* c' v( X- JWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. ) Q6 i' g8 Q( R* @
+ S# |$ y6 o4 M) I7 I/ b# IA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. * i) l. K3 D& H/ g, Z
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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.
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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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7 a+ x9 Y# Q1 R# @" l/ eThe 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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