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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing# w6 ~5 c9 c/ E! _5 a+ r
UPDATED: 2007-04-12 16:38:42 MST b* V( M" X' H% q
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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' ]: ?0 L, ?/ o, ~+ F% G& lPeople 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.
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The 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 $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 3 u- P4 w4 C$ c7 o
( [" ?( F) N* v" X- O: h' T+ P“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still 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.” ) \) p4 r& ~5 |- @; _
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. r- X1 {9 G7 c4 I6 w
; j7 l+ D8 s" g0 \. B' H" THe said 30 % of the housing market is condos - the bulk of which are in downtown. 2 C \) u7 |% r! K+ z
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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. 1 K2 d* A1 W. u A7 ?: c) A2 U/ O
8 F- J" j+ ?, N5 J* L0 j% }7 u* zIn 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. . U* x1 {# t1 f
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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. ) k& i, g; W. h r
; J) O, o* Y- Q8 @3 w% EA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. ; m; Z$ R; C. P8 x: k# c/ H! `
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" y/ b) j" ~8 e) k+ P' v' h" e- 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.
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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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# r- a8 q* M( W( ~8 ~5 O) NThe 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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