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Last updated Apr 12 2006 12:28 PM MDT
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$ B, e b, s5 F$ k$ [- x6 s4 N. PThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 2 v. Z0 W/ @8 t/ s* t
* ?+ M# l$ Z, w7 `9 N- I6 ]3 ~The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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3 C8 X$ q, \2 B: e* n. rThe 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. ( V" w1 O- _1 X* z! V% u
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home., z0 o6 t2 c! Q. Y! w5 a
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Clark says there's one reason Calgary's market has shot up so quickly. $ f7 |0 Y/ O; X( A8 S) y7 n3 L
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"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." % X; `* K& }, `9 [
! \5 a8 ]% E; W8 Q, D$ ZRealtors 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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! l9 `+ M# v" M# h8 _# FGeorgiana 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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