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Thu, April 12, 2007# N# d/ o+ W. B6 g+ t
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Calgary ranks sixth as most expensive downtown housing
# ]- j; N5 j% S+ }, zUPDATED: 2007-04-12 16:38:42 MST( R! M& g# C j5 W
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By NADIA MOHARIB, SUN MEDIA. S; q. {2 x& V% a
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+ ~, J r ^4 l4 K% ]More and more Calgarians are buying downtown homes but paying top price for the prime location.
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[3 \$ s$ H% A+ a6 p# o. {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. : n8 L2 w7 P: Y/ A# r
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 7 X* E/ r) k, D* Z) r
3 y, `. U, z2 z$ S: P9 uThe 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.
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“To live downtown people pay for it.” R; ?& z% @" A& s# f ^ s
% Y2 t! X/ L! {9 t. W4 I4 LA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. % o+ j, N V% [3 r$ y1 u
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$ G) }4 w8 t0 C& w, T7 C) ?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.” # z- y+ s3 n7 U" p- j) M
4 S- l: I+ i# w- f* E- |Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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: g' S( @ R4 d- q& r* q: _) H$ A“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 0 M4 p# y, i8 f3 J9 n
' C; l# e8 N0 M% g# n% L nHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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# }, K2 H* z7 x2 [The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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0 v0 l: R9 _8 [2 m: YIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. - N/ ~% W8 x& o
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. / W5 o9 d- {, f( }$ G
& z' @2 |8 Q8 \% mA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. ' u3 _6 {% \1 ?8 u- v2 i9 k
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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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— 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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