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Last updated Apr 12 2006 12:28 PM MDT8 p2 m6 D" R: t k% ]: J, ~
CBC News
/ z7 `6 m, d$ j% l; I5 `3 MThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. % Y) Q L6 v, X
8 m ?9 l7 z" Y5 }: W% K2 PThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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! j% G8 W) H* c' Z. BThe 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. 8 B7 } K/ w! q7 Y* W& `
9 r1 t7 G' D+ G7 w: mVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. + C# G. r& E* M% Q/ P5 l: d) \2 k2 r7 _
' |% g. J! V: A7 v2 @"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. - H; k" N1 B- u$ N, _# x5 ]
$ F9 [+ t( t0 @"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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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.% W/ ]( p% B, N( _0 r
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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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