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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing+ {7 |" M( R3 `/ ]4 I2 _
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. : k* E' C$ V) w2 q( [3 B# L# l/ a/ ?
" _4 k" T" Q* y6 Y0 ZPeople 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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% j* i# t6 k% k. }% f& K. x9 D$ QThe 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 $209 per sq. ft. % b: d$ {% T- s0 t4 F
* q% _; L+ d+ c! A4 bGeorge 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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“To live downtown people pay for it.” 9 B/ [& W& e$ G% g& e4 K: ]9 o* p' ^
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A 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.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. $ A: M% r) v$ ?% _
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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. - b$ Y3 g/ j% C7 `
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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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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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. , a: h) g8 ~$ f9 l1 h
0 V" S2 w" [4 V) ]While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. : X( k8 e1 Z4 |
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 1 b4 o' U" Z' G" U. s
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/ A/ U9 v- l! T( W; a% Y* K- 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 $105 respectively. 8 h/ c1 V8 V$ b) p4 R
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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 $119 2 s5 J* M- r# I) a# L$ R
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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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