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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing8 W, w2 J2 D/ D9 c% }. e L
UPDATED: 2007-04-12 16:38:42 MST
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8 J; w! u3 I7 w1 ^* b0 ?By NADIA MOHARIB, SUN MEDIA5 p4 f; ]6 @* c0 Z
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. - E9 y% J" {9 Q; @$ B
0 K% p) s7 c! ^2 `; ~& d! \, E8 mThe 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 $209 per sq. ft.
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, ^1 ~& j0 W; H, J2 [2 YGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 5 F$ i8 g" l/ H+ g- H
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“To live downtown people pay for it.”
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" ?, M9 \9 E/ }3 Z6 OA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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: ]! H1 s% D+ R0 HStill 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.”
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2 i% k1 B s6 @8 x, A/ n7 }& hPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. & B' Y) n5 S) k( c+ d4 ^1 `/ a
$ _ R# n0 R5 k# ZHe 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. + f; ~2 e" T6 \. C- d
) d4 }3 ~: k6 k. F% |0 ^5 UWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 8 Z' B L- N9 [2 U
2 s# u3 l& b q" D" e- @' j: B! TA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 8 h9 `5 ?1 X8 A+ y) \
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6 ?0 c+ Z- m8 d$ V- 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 $105 respectively. 9 C- p! M( m7 x: H T$ I
# C" S. U5 W" E+ r$ f! P/ e* h— 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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% P4 x7 l- Y5 e- oThe 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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