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Last updated Apr 12 2006 12:28 PM MDT
0 ~, F# B. A5 I7 e9 `8 }0 i3 r }CBC News ) U" W) B7 O$ k# y8 f
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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9 l& @0 t5 X( y) A) S$ n9 z' PThe 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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" O4 O+ w% o: E0 F8 K0 {Clark says there's one reason Calgary's market has shot up so quickly.
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5 J) u4 v% D: I"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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6 G- ~) ?/ o' ^& P) j. }) R"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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Realtors 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 g. n1 ^# Q/ d
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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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