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Last updated Apr 12 2006 12:28 PM MDT* F1 `+ O+ Y$ r0 z% D8 x
CBC News & k9 p5 ?4 o$ T1 Y
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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' t7 x, f2 b4 ~9 oThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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.
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" G; I) r& \/ `! d8 wVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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. i. {$ k" x" d9 [9 e( a* y' z$ vClark says there's one reason Calgary's market has shot up so quickly. ) ?2 } e! G3 o- U
: D: u; E9 e+ J4 `"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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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." - L) o9 U U+ [ P
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.* Q0 n( k$ @) l1 `8 y
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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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