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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing: C: e: z6 ^: D' x: U# x
UPDATED: 2007-04-12 16:38:42 MST
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1 r& |7 E# G/ t* ?+ w( u: CBy NADIA MOHARIB, SUN MEDIA7 w. E' n' b+ Z5 j" I4 z
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+ t9 |) _; o, S: zMore and more Calgarians are buying downtown homes but paying top price for the prime location. + n9 O0 |+ Q6 D
+ e: n! m) q5 v! J- v8 F4 uPeople 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. 2 O/ n1 f/ @4 e
. s3 C3 }8 A8 c4 m' k0 kCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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& ^8 J7 ~9 z Q @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 $209 per sq. ft. 4 x3 X1 V& x) Z) o
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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5 z' m3 T/ A+ C$ ]# z3 [“To live downtown people pay for it.”
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. E' L3 O" ?. M4 S0 b7 vA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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+ y$ X+ W& m# ^- q1 d) N8 BStill 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.” # x( z+ w0 h4 w8 _9 l/ S. f
( S! e% M2 p5 F2 o" x! aPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. " T8 a' B u; L" v. F
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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.
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j& r4 ]1 _, A& \9 f: JHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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4 X2 ^7 t! ~7 L9 ~2 h2 HThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 8 B- \0 N' h. X$ t2 V7 W
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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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7 [; L; }, m; {3 v( }' M9 yWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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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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! G. i2 ^( C% A" [, W7 T, [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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