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Thu, April 12, 20076 V- ^4 o6 O* e
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Calgary ranks sixth as most expensive downtown housing
: i" h* b J# A- nUPDATED: 2007-04-12 16:38:42 MST! R- f& N) F5 @! Z, z1 g
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By NADIA MOHARIB, SUN MEDIA
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4 E' ?4 n( b+ u7 o4 sMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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; O% B2 G' u3 }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. / z- V+ g+ ^6 E) n8 P* m
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. & O2 T S# p( R C1 q) m ]
5 |5 p: A: B& Y* @& Y, LThe 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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; I2 o- Z" ?1 p. o( D4 ^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. ' ?+ E @ B6 k# m
4 }& p ] x4 X“To live downtown people pay for it.”
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# t2 p* d! z6 ^6 }A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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1 s+ \/ J9 T7 ]9 hPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. # A. G9 ^( ?3 v s( k1 t
& z4 k" U# m. M$ h“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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% v+ i. r7 }3 ~% G" IHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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' ?- K9 x6 O; \; V$ ]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. ) M0 `7 m, j& g0 f- g" n
, h* r% \" T: I! i2 IA 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 : t6 }' s% x5 A; R# d
* c# G9 c; c3 g1 a# c5 aThe 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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