Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
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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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1 \) [* Q7 H6 X7 ?$ _( G  \The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.

The 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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: T8 W7 [) I, ?9 \. xVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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* ]) s4 {9 B; ~8 ]' b9 M" IClark says there's one reason Calgary's market has shot up so quickly.
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5 T: z# r' Y! I6 C5 f% B"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.

+ |' X# g2 D6 ]4 U0 `& E"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 $200,000 more than the asking price.
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' ?7 ?4 ?1 B$ N4 c3 N3 WGeorgiana 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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