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Last updated Apr 12 2006 12:28 PM MDT
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The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. " O. d* P& E# ^) b* j; I# h
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before., Z, F) G- \" f$ s
1 V& s5 G' p0 UThe 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.; M! Q9 b8 q) L. V0 n0 q/ u T" C
8 g% u5 K7 j% s5 D" x& U2 tClark says there's one reason Calgary's market has shot up so quickly. - K7 [. j6 u7 I/ b& ~/ R8 K8 @
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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." 4 g: w3 ~ E# { U# T- \
7 _6 ~ S) L, y( O* n+ }: r8 e# a k: |3 WRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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3 ^0 L- }. @1 Y$ ]* H: aGeorgiana 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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