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Thu, April 12, 20071 r! k8 y+ F- y' {) `
! M3 c0 M3 G9 p9 d; lCalgary ranks sixth as most expensive downtown housing
2 l$ q" \" o% [) z: M' CUPDATED: 2007-04-12 16:38:42 MST
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" v, O" b7 B3 e- N! JBy NADIA MOHARIB, SUN MEDIA* I3 ^/ l! D5 M4 H, m( F5 U
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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. p# |; z0 c1 n
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The 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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1 T9 M- S" [" `, }: G% Z4 pGeorge 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. ! k- @- ^8 Z8 j- u
& }! g1 Z9 P# i“To live downtown people pay for it.” e& L& u! j* R1 @; a6 ]% t
* c( A& A+ h9 ~A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 3 C2 o, F% i4 U! V
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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.”
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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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“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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He said 30 % of the housing market is condos - the bulk of which are in downtown. ' P6 I4 e0 I/ \
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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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4 {* ]3 t6 s' gIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. : c( ~% x9 A- o+ Z$ y- R0 Z, S
' n$ B8 k2 y" p ?+ F9 `& yWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. ' Z* m2 z; n8 z- o% p! y
* T4 x3 D+ F' n0 n6 N1 B$ \A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. y4 v. u. y9 H. Z8 O
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% x( U! @. ?# D6 g! o0 {- Z8 P- 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 $105 respectively.
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! j* C6 Z$ x5 H- g% u# M— 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 ) z5 o5 F" T) Z' T& S
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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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