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Last updated Apr 12 2006 12:28 PM MDT
8 Y" I' k, q) S, k9 h0 A/ KCBC News 7 R: T+ o, _) k+ b) B3 G# V) B! P
The 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.+ O6 p0 |5 v) n7 u
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The 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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8 I! p& k/ u- \& q8 wVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: j2 g6 m# J# l* o) DClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 2 ?$ X1 }6 k4 b- p: h
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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." }+ U5 b- O9 y
( w+ r1 m. Y, O3 [0 M3 W3 zRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.) q5 R5 b- p; u6 N, ]+ R% |; 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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