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Last updated Apr 12 2006 12:28 PM MDT. X% s- z& J2 x* y0 l" G# B4 J
CBC News 4 a1 |7 f8 A$ E/ b9 h" @) o
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.. ~' w. Y5 ~3 z; |6 m; Y4 [
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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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.! G X! q) H: a L7 ?' G9 a% X
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 5 ]% S, F& W7 d$ D
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." & Z6 A% e& D$ U% ]- \% x
; ~+ @2 c" T; U$ k; X3 o8 HRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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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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