Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
CBC News
' F5 z/ d3 d! b; o7 q7 Y0 YThe 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.

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.

Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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  q& @" {8 F3 q' B+ CClark says there's one reason Calgary's market has shot up so quickly.
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/ k9 B, H: C( s* ?. F- R"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.

& X6 Z  P! _- F8 R( t"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

" F* P7 O' u/ ~. a4 a! \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 P4 M. H7 K" e2 hGeorgiana 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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