Calgary housing prices mark milestone

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Last updated Apr 12 2006 12:28 PM MDT
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. k5 ~, ]! h4 e" w) _The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.

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.

" ]0 i5 @. U" A, T/ Q; w2 rVancouver is the still the hottest market at nearly $500,000 for a single-family home.

Clark says there's one reason Calgary's market has shot up so quickly.
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9 l9 x4 l* F3 v7 i; @4 Y5 k"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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3 _+ b  X" W: t- u$ V"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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2 u! j3 H* F. N' ?  n( KRealtors 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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& ^* Y# Q# T9 l8 G" VGeorgiana 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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