Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
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/ i4 Q5 I/ J- p9 D3 I1 iThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.

' s' d. {. n; M' nThe 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.

Vancouver is the still the hottest market at nearly $500,000 for a single-family home.

Clark says there's one reason Calgary's market has shot up so quickly.
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$ g* e3 A, n) }* d& f) {"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."

  K/ z  Y. k  f1 C; JRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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: f7 `5 N$ P$ i  u0 \; ZGeorgiana 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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