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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing% F# o/ ]7 s/ B# x$ E
UPDATED: 2007-04-12 16:38:42 MST# V$ K! V, A, A
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More and more Calgarians are buying downtown homes but paying top price for the prime location. ]7 z! D' s7 o/ Y% e
6 X) A+ M: Q, }/ tPeople 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. 2 o% [! _' u! o3 ^) c, D% D. _ T
8 z' e: ?" `( z$ CThe 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 $209 per sq. ft. : f: i& ~+ ~+ L9 N
- q7 _% v5 G9 c$ k4 j8 k+ \7 eGeorge 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. " z2 {2 R) Y- j; l0 d+ w6 U, P5 K
9 g& J5 c3 O2 |“To live downtown people pay for it.” ( [( Z6 w2 E3 @4 |2 H1 O" {
+ s4 F* X6 ^( ~8 O8 ]A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. / ^' k, O& A* z
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/ [, d, A7 P$ UStill 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.” ; L' q/ N, y+ F
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. , A/ \ a1 c: H7 e1 x
, W9 `2 ?% }* c& x5 ^4 R“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. / `! R0 h* D6 _0 [+ M* ~
c' ?% W) X m7 S3 THe 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. $ t6 ~7 ^2 @9 O0 a
, Z/ q* p# E! R9 |! jIn 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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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 7 t' ^4 V. m9 x, @# G
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. & l: Y2 Q8 B& e7 t0 }* K, r* J: o
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- 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 $105 respectively. ' m$ D4 c% P: K% _+ m% C
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— 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 $119
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& U& a1 c$ t; y& E* r! z3 T" I7 VThe 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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