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Thu, April 12, 2007
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; i6 L! p) O5 D+ {* t/ J/ YCalgary ranks sixth as most expensive downtown housing
$ V) }$ G6 z% r* R! G; O, f9 TUPDATED: 2007-04-12 16:38:42 MST. L' q2 P: i, N' P4 a; b
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6 j3 \; T) F1 n* j# s! {0 p# }More and more Calgarians are buying downtown homes but paying top price for the prime location.
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/ s/ \4 K8 Q# h8 Q+ v) ~9 |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. ' |7 o7 F# X* W) y1 V1 K: c- w$ M$ j8 F
/ N* X& ^' j( ^( p2 p: E2 WCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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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 $209 per sq. ft. : I1 S$ f% S! _+ p% S
* [7 {) i* B9 W, n9 _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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+ W0 l" S* j& J' ~- u“To live downtown people pay for it.” ; {6 G) s/ Y8 f1 P8 a# J/ ^
) `; t3 m. i/ l+ x w7 V" RA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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( c. Z _$ O' X, f9 \- [9 V2 yPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. : m9 N8 n+ `6 `
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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. * p# v* A3 ` l6 T, ]
6 E& O; |: \+ R7 M$ EHe said 30 % of the housing market is condos - the bulk of which are in downtown. k: ~/ |2 B: m: p* x
: F9 z- H v) o1 mThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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+ ~, F0 ?% v) Z3 Y! zIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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8 B- Y# _7 l$ k5 D/ [A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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# c9 J; _0 s, z; ?- 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. . I5 n* d/ j- i. a
+ d: ?8 h8 v3 R5 U! s9 b% d) R— 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
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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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