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Last updated Apr 12 2006 12:28 PM MDT
/ L9 d! A; B5 F. y$ `CBC News
8 k% l' h+ K1 i) QThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ; e4 o t! n1 F
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before." L1 U4 C' R( {8 f: ~3 _
1 T( P+ l5 ?5 l7 sThe average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. 4 V5 @5 Z8 @5 r. d
' t! ~1 Z& s; h2 n/ K3 @/ |5 o0 a/ BVancouver is the still the hottest market at nearly $500,000 for a single-family home.( R0 d) Y" s9 u4 k5 g5 p" F o
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Clark says there's one reason Calgary's market has shot up so quickly. 8 ], j8 |+ L8 W) }* ?; S' `; a0 `
- O' U9 D0 V+ p9 y5 y"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 3 L e! T1 f( ^ Q+ E* @
7 r& C$ N* ]4 Y5 ["The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ' [4 ]8 }+ a6 |! \
9 b+ ~8 @4 s4 R' }7 D/ O' [Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.; k5 U1 M8 ^4 u8 n4 z
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Georgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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