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Thu, April 12, 20076 _; `5 Y+ p# |
' I: j3 Q0 G( T0 q7 `0 ]3 y7 W) FCalgary ranks sixth as most expensive downtown housing Z1 C+ i% A+ ~. D5 z
UPDATED: 2007-04-12 16:38:42 MST
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. {' W4 p, J3 P5 mMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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0 R5 C9 P1 a$ SPeople 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. 6 J Y/ b) D. e$ ]) X
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. , |9 y$ [/ v$ N! m
. E6 @4 q5 u5 w, | O4 O2 nThe 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 $209 per sq. ft.
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# O# I# |$ k1 W2 UGeorge 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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“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 $500. ; c: H1 ~$ Z3 d/ I
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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.” & ]- k5 o1 E5 E9 [' g/ U1 F. o" ^
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Part 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.
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He said 30 % of the housing market is condos - the bulk of which are in downtown. . L/ Q U1 F- H& i% G
7 P" x/ G; B' AThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ; Z6 h, h a9 h' p
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 3 ^' r! G: K: p: B/ ~& p
0 ~" A$ w5 ~+ E# wA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. , ?8 Y2 F% {+ ?" S7 |/ G
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( g/ `+ c8 Z% B0 ~0 g2 F- t- 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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' o: d9 H2 S3 |) S& V5 D— 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 $119 , Y7 [$ m) B8 o8 c
' P x2 G* g# fThe 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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