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Thu, April 12, 2007+ O' m" _& d4 Y1 D- T
/ N1 p/ t' x; {4 k( U3 L& oCalgary ranks sixth as most expensive downtown housing
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5 z- l( h6 w1 Q& r5 \, WMore and more Calgarians are buying downtown homes but paying top price for the prime location. # }* q |! ^( w1 c
- H& N; X& m5 B9 @& B! j1 BPeople 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. % F# m9 f, S3 g* X
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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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. * z8 p* q6 N) M
3 _( J ~" ~ n' pGeorge 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. / w8 w- V) W6 b5 c
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“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. - r' q. H- x( ]& p$ ~
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Still 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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) @+ o+ m) [5 Z- |: \# kPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ( b- O: J$ M9 N$ u3 J7 N
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He said 30 % of the housing market is condos - the bulk of which are in downtown. + ^! {. d, J, @, x* e+ @
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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0 G3 n3 j& k2 O# K! P6 |In 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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! v. e9 m' Y7 b2 }; nWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 4 T# n4 j: a/ j" g9 R
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 6 j6 c) v$ [. E' n8 I
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; g; y b5 y: J' v! C0 A- 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. 4 E% ~, G" h3 R. V9 B7 G3 r: ^& P
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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 $119 " A* ^. C5 r$ r, r
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The 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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