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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
' t8 f- ?3 I" qUPDATED: 2007-04-12 16:38:42 MST; @; r: w5 Q% x! K
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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: x, T% V! {9 k% r: I X0 UPeople 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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) O& K0 s) \ ?' SCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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( {: U$ s/ I4 W9 Q) J, KThe 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. ! b6 K6 r/ v6 H0 Y9 c8 C7 F
" p# }6 \2 E( _0 l6 [6 W2 k“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 $500. 5 s7 Q* J( D: k+ Z- A
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! [: a' F/ k( OStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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( Z/ O1 Y% j2 J9 K1 @Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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, Z0 X: E! H$ `9 t: Q“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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" { e5 G2 v: L6 o$ _He said 30 % of the housing market is condos - the bulk of which are in downtown. 1 @3 F4 O0 r9 E7 v1 ~
G& x9 U0 \$ a, p+ z7 ?The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. : m. a% i4 V4 Q% ^/ b
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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. + X7 K7 r5 K; `% E. p
4 J t! {5 Z% M1 w' b- N# p, FWhile 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.
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- c# R& }7 t' O0 Y! {& f7 @. f- 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. & @( N9 X% _: l9 ?, Z7 I" U; ^8 c
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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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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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