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Last updated Apr 12 2006 12:28 PM MDT
0 P9 X, k: L# c4 `* VCBC News ( Y6 e' f# g$ }. t% H' b5 X0 V2 \
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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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.9 `8 t9 r. G6 g; z: X
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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. ; F, z, f: l/ P& V- e, A( t; [
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.- |- i# i: A9 T3 j( R
. m, q7 P" _) s8 U9 Q! JClark says there's one reason Calgary's market has shot up so quickly.
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: }6 o3 d) P; C7 S- @) K"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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. H% q6 S: ?" U, k5 R+ I"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." # [) I" y6 H5 l5 _5 _% ]' }5 S
* H9 h7 ]3 e0 M" @8 IRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price. ~) l0 ~3 q$ P' U5 f- B+ G9 c" I
8 g7 X e8 I* n1 }3 o+ TGeorgiana 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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