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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
& j* E1 l, |. q2 ?UPDATED: 2007-04-12 16:38:42 MST0 S) o+ d2 C' E/ y8 ]
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2 N/ l! b; ^! d, ~: o1 Y; W mMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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! U% m/ R; `/ ], \9 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. % [3 |- v( H9 h# G
! |+ T& C2 \* H+ XGeorge 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.
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, x/ t& K6 n. s3 ~+ A; x“To live downtown people pay for it.” ; m4 |) a. }& N) a- t( e
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. r- E" N- N$ j" j' x2 K, v
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0 o* M J \. Q' w* [7 u, kStill 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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0 M$ m4 W. r" C9 U9 e, fPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. : n7 o5 e* _4 W. M4 r, k
}4 I% G/ E" o& a5 w“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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4 w9 B9 @/ m$ }8 h1 ^2 t5 R$ _# ]He said 30 % of the housing market is condos - the bulk of which are in downtown. $ ~/ O1 R7 @! y2 G; f
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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. 0 A1 L& j. N! s9 ^8 ]; a7 L
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. : n, D, `6 b$ A
3 P q* q3 |0 G5 E1 r6 R8 y0 aWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. - ~5 i {! `2 c
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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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, n0 v5 R/ R' ~- E5 O5 v M— 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 8 Q* S. ?( r" x! m6 ?. B( M
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The 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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