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Last updated Apr 12 2006 12:28 PM MDT
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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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! }6 v/ F! S. n* }The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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. 3 ~: K! T U' M7 F# M* O
* j% d: Z* e' K( m6 _Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. 2 R! d$ ~: B8 w4 r4 X
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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. / A7 w* Y4 N! g2 M; s1 u
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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." # E0 m2 ^# Q$ }! p! M0 ]9 f1 P
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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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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