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Thu, April 12, 20074 _! E) A8 V" T
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Calgary ranks sixth as most expensive downtown housing
7 e9 `6 g# c2 D- T) Z$ j( y1 UUPDATED: 2007-04-12 16:38:42 MST7 u! P8 _; h+ b+ _7 S
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; \& C x/ f p" r, WBy NADIA MOHARIB, SUN MEDIA1 @9 M" e2 ^$ ~, w8 [# s8 V" b
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9 D \' @8 h& x# tMore and more Calgarians are buying downtown homes but paying top price for the prime location. . \7 _3 X$ ^' w+ G/ N, D- r
+ c( _ ?0 y; V- d, g/ R; E5 A6 QPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21. 1 w6 p& |' N, o0 g% B( h
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. ) o) _3 S. k# o: T+ X! B) K) e& v
" L) r7 a# o# l) d) U“To live downtown people pay for it.” 4 G" h, i9 @& R& J P
! d% u( q* N8 k- I8 t5 RA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 7 S" P' `2 ?$ y' B5 j8 `6 |
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5 R9 b: {3 z, a+ P9 iStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” ( g' @ r L- w: n, ~1 g _
( v2 d8 E9 o, M6 `' ]% X5 K8 lPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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# ^6 V9 Y* Y: k" j“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. . H: s1 O4 Q# q& n6 `2 F2 `, c% c
% f% u7 w. h7 Y5 hHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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" Z- s2 y5 C8 j) TWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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8 i/ z; x% b+ p* l; @A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 9 ?6 P( W8 v9 P2 @" |+ S
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; w9 |8 x; O- o. [+ @" [0 j7 r8 ?- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. 4 F* \6 q, \! I1 m6 i
2 _/ K8 L) L p0 s7 L— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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