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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing' l0 B6 d* C) M: r- |
UPDATED: 2007-04-12 16:38:42 MST. j4 u9 V8 q% O w) K# H
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By NADIA MOHARIB, SUN MEDIA7 `7 y1 p/ {- r% v$ `
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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# S! D2 P8 w( TPeople 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. 8 N1 d: Z0 l8 S
0 e$ J0 q% l; X9 S( Y0 E4 f3 FCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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" m& j7 T, P( u6 FThe 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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George 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. $ U! |+ j# u. q
" m" _/ Z2 }" n* i$ w“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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4 a% B, c% W/ {- FPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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* O, N4 l5 J$ J9 p3 q/ P“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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+ b( u: @) I7 c0 V' THe said 30 % of the housing market is condos - the bulk of which are in downtown.
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! H) V' A1 @# y+ L s' sThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ( G! g# r/ W: L: U1 H6 U) `
/ q; G3 H) d V6 a P8 ZIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. % x/ {/ z# p- k' [6 t( ^
( o! ^2 x* m- f8 a' W/ |While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 7 a) r$ j% {6 J7 f
) _3 f; j0 A8 w7 z) W) H2 JA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. + x! c8 F& ]) f8 O' r: T
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3 z$ q6 B. z& S2 u" n4 Y- 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 $105 respectively. ; X% \& h; e1 g6 C
; f$ M/ b3 n, V— 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
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The 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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