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Last updated Apr 12 2006 12:28 PM MDT0 p6 X/ u2 A' E
CBC News ) Y' h7 l1 _- T# f
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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# _) X* H' |" ?! ^7 Q) g$ mThe average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. ! C, l h# {! l
/ N$ B0 R. h- y2 R ]Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. : `: T' I/ j% U2 z* {
- [, ^; W% X) o6 `5 M2 @"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 9 O1 ]" g% j# i( E% p5 P( W
* e4 x& U5 K7 F"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ) |) n& x6 m/ K7 R
8 {9 R& _% }) w6 ~0 d2 m* C# t9 M, u2 SRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.5 ~0 V7 {+ R$ G% ?. c
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Georgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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