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Last updated Apr 12 2006 12:28 PM MDT! Q0 h" u* O4 A5 @1 J7 R5 x0 U
CBC News
; c9 w3 N/ Y8 j Z t* DThe 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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# Y" |: g( N- |: Y) \* k* wThe 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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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O' ]% F7 `* R; b8 J2 u; Z" eClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 4 g& j3 N, G1 h% Z
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." # j- L& n$ L) Z0 f6 v- W
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.' M3 D/ g6 C* ^$ t. w
7 r! t8 o2 F" dGeorgiana 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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