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Last updated Apr 12 2006 12:28 PM MDT- _! u3 X" R0 J5 ?$ b1 z4 v: c
CBC News
; ]7 x0 e, }) K8 V T( KThe 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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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 $358,000 in Toronto. 5 q' c7 f$ s( d1 L0 a
+ k% Y% ? B" q& q! @8 uVancouver is the still the hottest market at nearly $500,000 for a single-family home.; J4 \& C1 c1 d; g
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Clark says there's one reason Calgary's market has shot up so quickly. 4 @; `5 d5 O0 C
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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. " S0 m% u! E! d# U& h
# y* s5 N7 j! i4 Z4 @"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ! Y1 W }* L: f3 K" h
: a/ v' }5 ]: I+ F G7 m5 nRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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! k' W$ Y( \! @- 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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