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Thu, April 12, 2007
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1 |9 ]; z' b* l7 z) N. oCalgary ranks sixth as most expensive downtown housing c" r( j. K( T& k8 c1 d O
UPDATED: 2007-04-12 16:38:42 MST
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- O2 k; d% f8 L3 v8 W3 HBy NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location. : h& T K9 n- P
* o- l d" e: w0 s8 F5 ]People 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. , b7 I4 K3 O* O6 b
J* m, [6 n7 K z8 A( U" P8 ACalgary ranks sixth most expensive of 31 cities surveyed around the world. ; o& k' T; b3 S+ L- O: q) K
" z8 Q# v4 V; _( ?$ I! [1 F- AThe 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. 4 S6 a |, x. ~2 d6 K0 L
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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. * A' _" _: X8 |& U2 M
0 t7 s; r: k8 h1 @2 I“To live downtown people pay for it.” 5 Z+ O( ]0 F; f! a7 D
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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+ N5 p0 a$ N/ }" K: g* \. XStill 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.” 5 H3 z3 r8 m- h! n
3 n4 |3 e' Q+ H8 K, S* c! N0 \$ K( [Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. / d: A n6 _$ O4 b
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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.
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: [4 \ n3 D8 [' ~9 G; w& S" rHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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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. . E% E1 P) V8 s# }
: }; m' f# Y3 {% s) d/ d/ l; b) tIn 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.
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2 m( z" P. g) b) \) P1 LWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. / R' F7 t" z- L" L$ x# E1 c
. _' W& E Q, h) W9 [8 h/ k7 KA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 1 i6 t! Q* i. v1 T
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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. ( _5 Z7 s. _) C7 p
9 S5 U A7 Z; y" Y2 n" y: ]— 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 7 i* d% c. b/ \# R6 l" p' A+ e! \
7 y- y% ~. B6 j8 E) z5 IThe 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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