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Thu, April 12, 20077 [3 Q& c" E. y+ q
, }/ f" I/ c4 Z- Z( cCalgary ranks sixth as most expensive downtown housing
3 j0 k: B6 P1 n1 H) eUPDATED: 2007-04-12 16:38:42 MST
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3 y" T6 ]- ~+ F5 H2 @More and more Calgarians are buying downtown homes but paying top price for the prime location.
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9 l5 E# H9 N. k2 WPeople 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 ? p- \1 I2 P; Y! q8 ~
! `; c! J& \ `( \4 W3 K6 ^. lCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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+ N: h( G$ p9 d' R4 G pThe 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 $209 per sq. ft. ( w: a$ o* w7 Z' `2 Z" N
. F5 Y* a5 q6 S6 l# H4 XGeorge 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. * d$ Y% ?# b6 | ]% E2 s' u
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“To live downtown people pay for it.” 5 J. K! B9 z7 }4 w, t
1 L% X' r3 S1 I- R3 m+ X/ GA 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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7 m8 A) t) i# r7 y2 }Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. # ?1 T( `) |5 P& B% d9 e
. ~/ i. g% C( ~" ~; `% v' Q“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. 9 m/ S, B8 k, q2 `0 c, D; D
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. & t& O5 |9 N% M! H" {
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. % K$ O0 z- e$ O/ Z k0 ]) X' p8 A/ L
+ u: C, F8 f! }: B. QA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. $ Q* ?# D S: ?- K
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# c' u# j. @9 A5 U s- 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 & F* ~3 I7 C5 ]( ^% ^) `
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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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