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Last updated Apr 12 2006 12:28 PM MDT
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$ n! n9 J4 n1 U3 d" `6 LThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. $ } C Z# F* ]5 h0 g5 N7 y
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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 $358,000 in Toronto. ; m+ w, N& q- y$ Z# I
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.5 A/ O$ h4 v4 L5 p- j) ^
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Clark says there's one reason Calgary's market has shot up so quickly.
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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. 7 d; d3 p) ]+ y- o- j+ y0 b* P
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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."
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2 K; `' Y1 q- @- G V& O. O: uRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.1 K0 W! |, H- m- K
, x: p# {3 g0 I ` NGeorgiana 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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