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Last updated Apr 12 2006 12:28 PM MDT+ X. D P0 B, V7 a
CBC News
. S* _- U0 |- g2 H: o0 F' sThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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A: r s5 g/ E7 D4 S3 t$ F! I* zThe 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.6 X/ s' K3 ~' S7 d! j
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Clark says there's one reason Calgary's market has shot up so quickly. 5 V4 D: q: L9 |
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"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." ; B7 E/ E, J6 Z
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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./ k8 D5 |2 O2 P: y* W7 n6 Z7 C
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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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