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Last updated Apr 12 2006 12:28 PM MDT
* {4 w; k) I/ I0 xCBC News
) q! V+ K( ~% ? CThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ( s' |& `3 n" Z$ S( g
v/ H$ H8 ^3 t, iThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.* L) V: H4 v. ?. @2 K! m% q* c
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The average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. $ ^' n7 J3 |8 x- b8 e( Q
! |" L" W' J% d$ ^Vancouver is the still the hottest market at nearly $500,000 for a single-family home.7 ?, u) A, P8 L0 Z* Y5 @
$ u, P2 ~! |2 y+ A" hClark says there's one reason Calgary's market has shot up so quickly. + \# D6 x$ U- ^5 ^! q
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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, e2 `* ]% D) u% z9 Q; r9 P"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.* ?# ~" e( {6 F2 O. R6 ^0 ^
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Georgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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