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Thu, April 12, 2007
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" ]: m* C- f& j$ v) t7 ]Calgary ranks sixth as most expensive downtown housing
7 B% A" ~# k& ^9 i' c$ GUPDATED: 2007-04-12 16:38:42 MST8 A& ^) [2 ]. H- M6 c! l
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% M* Q' c: M6 zMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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. ! h. o# h' a+ [6 l6 i7 C6 D: R7 T
! w7 Z- ~2 B+ ]. ^Calgary ranks sixth most expensive of 31 cities surveyed around the world. : A: ]! B4 s% A
/ I% n& e8 l% @, [8 E5 KThe 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. + p: _; O% X& U& |* c; S9 j) r
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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. : Q6 r# C7 |+ o0 C
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“To live downtown people pay for it.”
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% n/ q9 `- ]6 U0 ^ e7 g( }5 tA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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' h; ^7 D" l/ e' @ xPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ( `! n$ @ k0 ~' O
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He said 30 % of the housing market is condos - the bulk of which are in downtown. - |4 M3 _# |4 w" N# L, Y* H# D
) w; }' x/ Z H" B0 ~The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 2 e4 p% l( w1 `1 Z( I5 ^
, F: G5 q+ E+ i, PIn 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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7 q6 m* `, B+ j6 g7 |A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. & f+ ^" ?+ k' R$ U. B; R
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+ C! q) b0 B% b/ J- 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 $119 / z) T* j/ i$ ]& F; w E6 Y. _
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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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