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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing1 {/ L" Q2 ]* j2 {2 d2 j+ t
UPDATED: 2007-04-12 16:38:42 MST
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0 k! g: E. ^' d4 DBy NADIA MOHARIB, SUN MEDIA- \/ V) \" h( f6 Y
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; L! r& n1 `6 U% A- S6 H o" QMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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# I7 H) |% N1 T, }5 d' FPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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0 G4 z' `$ a2 }- h# P( N9 W/ }The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. # V* S. V( F5 c: c/ t
6 |+ z8 y4 ?6 d9 j' `& U) d5 S! @“To live downtown people pay for it.” . Y# S6 A) M& M- a
: a& t2 ^% }: v, HA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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5 R R3 a0 T. K& l+ A) E( JStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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0 T3 D& g* G# x( pPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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; |3 h% Y' c8 N$ T5 |# L“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 8 k3 t& x; g; ~9 s% g
! q: {' w/ a7 y6 I& ?8 YHe said 30 % of the housing market is condos - the bulk of which are in downtown. + N) x$ ~& \4 @
- }' R- _$ M+ P' o) q: ~ lThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. " H9 b5 H1 _! @; v" s
. y# {1 x7 U5 }& X" jIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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- I5 }! B, s. l6 A& \4 E3 {8 \A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively.
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119
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) S& `0 ]: z- p( d7 B; ~" z. QThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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