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Thu, April 12, 2007
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; L' M) w- Z- q9 nCalgary ranks sixth as most expensive downtown housing
1 m# [0 b/ m: f2 fUPDATED: 2007-04-12 16:38:42 MST1 }/ _& m% S! w' k3 x& r; w
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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9 ^& L6 e6 U& M( }) @4 k3 dThe 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. * j% @1 j. u" S9 x2 ~/ f4 Q H4 n/ S
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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.
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2 o* O: V; ~3 e/ v' R“To live downtown people pay for it.” 3 K; W0 e9 Y; h9 J- p, g( {: v
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. * d( w8 D9 x' P- C( b+ j, I
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Still 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.” 4 E- |* n- a( l8 w& t1 }, {. H( {
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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9 y3 U# U! {8 ~7 a+ M6 r“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 1 w' N* q2 O* u) n/ ~; c
: _: E# |0 q0 O0 R6 LHe said 30 % of the housing market is condos - the bulk of which are in downtown. # W% D6 l" W' m/ N D
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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$ j Q3 u: N& uIn 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. 8 @: |9 O& Q7 b7 Q7 f, U
3 b: b5 O5 @+ v& ^0 OWhile 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 $323 per square foot, for instance.
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2 X5 q5 J% h% [8 V( J" UFAST FAX 5 Q/ r! `1 N3 p; w7 g4 V$ F: c, N) R% v
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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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— 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 $119 ' E7 m. H& _" i% \$ r
0 V0 U2 H# d# r! _$ LThe 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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