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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
- D" C1 @2 l0 w( Q. E, d4 lUPDATED: 2007-04-12 16:38:42 MST8 {7 r- W6 r" `- f: r' u
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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; M$ ]( x7 }" ?0 O: ?People 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. / e/ m& y3 s4 D* Q3 ]& i6 M. V2 g }) n
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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 $209 per sq. ft. S: |! }& F2 Z) h. K
9 y) E5 a0 |. E7 QGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. " S1 g: B1 Y$ N2 \5 }; e( k5 U$ i
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“To live downtown people pay for it.”
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- X( E1 v8 q5 wA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. / m' R, J7 _- R [8 z
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9 x0 \* p. Q. N" a$ {5 D( i% gStill 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.” 6 v4 x: t/ Z6 U' E g' d
5 d% E" N/ e' A3 I( dPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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" |) H7 {2 g, R# n8 q3 V' M% s“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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0 v. _8 y; C9 rThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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( I5 y [& a; U. P7 U/ SIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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! X* w/ v- n' h: G2 D- p+ s6 tWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. % _$ h6 p# \; p
# U, ]. E8 t- w4 a- HA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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" U- }6 r; _* I4 H7 \8 g- 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 $105 respectively. # k$ m, D! \, b+ M
* q) U4 Y2 }* S1 m% B— 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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