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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
8 `8 `8 f$ f4 g$ Z7 GUPDATED: 2007-04-12 16:38:42 MST
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& l. o9 J) d8 a1 C5 \More and more Calgarians are buying downtown homes but paying top price for the prime location. / d- p# W2 @5 R# o( N" Q
7 ]" H, S% D2 h. X; W, W- u( n0 C" e8 VPeople 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. ; y1 v b" W, x* P5 e& o
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 1 r! g: u7 I2 P7 ]( `, A
* r0 K5 l: t* ^+ S) E* \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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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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' \( r* Q, E5 \9 {“To live downtown people pay for it.” : v3 w# F! N! P" }* e3 A% G
: N4 e0 ~. n- ~: G: k" [0 L2 U/ PA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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% f# n) v$ g3 P' kStill 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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, |, ]- a) W8 _Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. ) b5 h# J0 Y- R7 h Q
, k& a3 Q/ z/ C7 G% ` y& @“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 3 R5 t! ]$ n r' g, L
' R ?/ ~7 q" i( J1 |: fHe said 30 % of the housing market is condos - the bulk of which are in downtown. + B2 g: I, p6 c- x7 Z
' A/ A) [+ H' J! p. D! fThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. - s5 y, M9 V) ] L4 {
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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. 3 j7 u# Z! k8 A* m" e
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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.
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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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8 t3 @3 M8 ]3 P" l5 C* ]- 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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" ?0 t& M/ w: mThe 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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