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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. 0 R. X9 x+ K& O H. I5 t3 f7 _
- ~% O% X n& H5 iPeople 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. : m3 E6 A0 {1 ^* ^7 w
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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. q6 P6 R+ f( u+ A0 K
$ X( T( w4 J, r& S- VGeorge 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 Z+ j5 D' }, Z) W6 C
. U: j+ B! q. q4 [& @4 w2 E1 @“To live downtown people pay for it.” ! Y0 n7 U: \; u* @
/ j; w; v0 t9 h$ t* I- tA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. % U4 _. N, x9 v8 E f& w+ z
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0 m6 q4 H& }2 o+ W& H; J# Q. TStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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5 A$ @, y/ |3 H1 mPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 3 g5 {! v ~1 C; @9 U. k
1 e' \7 E( Q; Y2 l“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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3 F# X- v0 C, S; b# W8 IHe said 30 % of the housing market is condos - the bulk of which are in downtown. 8 P4 F: z9 \! \; P* V( K$ D# M
, u& e0 c% Y# G* J2 e7 OThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 6 x& ?" b; g( k9 }+ d% R4 c
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In 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. 3 \4 c3 g* A: M, a) E. A
4 n/ ?- T* j: o w" U# v4 ?# a: |+ zWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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1 U- ~6 k# G+ h/ c4 n) C6 ?; bA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- 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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6 h4 W1 J) V- CThe 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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