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Last updated Apr 12 2006 12:28 PM MDT. X! t' J- E7 N V/ L* f8 G
CBC News C& H2 H1 c0 Z( |2 W
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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$ I* F7 n' H$ }. m; {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* r9 t: O6 \, e5 D, @: ZVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 4 k6 `! L0 p) j$ b
y* z5 V% ^/ n* z! \+ D"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." / H& [2 Q1 h' h8 }; V, |3 @
z$ K( T4 q) I( t* \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.
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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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