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Thu, April 12, 2007# p' y9 f. L9 |# `
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Calgary ranks sixth as most expensive downtown housing
. {3 W5 u' `4 Q0 k) H5 j% |UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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People who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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& l" ]1 D$ M3 G: \* O( gCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft.
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6 i* z0 ^& A7 p7 k) J( X6 g) VGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. - ~; v2 j% G6 ~$ n4 V/ S! L& g
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“To live downtown people pay for it.”
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% S; z4 A L6 l4 J9 RA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 8 T, N6 }* w' X" b4 k: i2 v' i# _
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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1 k+ f5 P, ]- @9 U: j& o% i“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 8 Y( o+ o+ u! D& e+ G* `6 ]
. o9 |4 V0 \$ L, a4 bThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. 8 f; p" ^! i: U% q- i. V
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 8 p! |6 ~) ]7 }3 H9 a) M. l4 d8 s
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively.
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# r: u5 ], U- R& Y— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 3 Z0 ^5 R, U! {; L* d: ]
' N2 e3 q5 G9 V' e! g9 i5 nThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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