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Last updated Apr 12 2006 12:28 PM MDT
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- Y" j/ t; O" u3 fThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ' Y& G# ?8 a3 O
4 `! D6 ~; a4 N1 v; wThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.4 D6 D" Z, }1 {" w6 Y( B. u% L
) c& I% B( V$ y6 V* P( x# ?' p& l8 |: ?' OThe 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. 2 o" F9 G+ z# ^# N3 @ s6 N
! D! c. c C; ^! d* [! fVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: k- w! L7 x5 W' |9 J+ MClark says there's one reason Calgary's market has shot up so quickly. # l9 e) J, [1 Q6 A
/ F v8 X, O. H$ Q; Z* O"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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) \$ Q6 @) C" v! p/ I+ `& aRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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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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