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Last updated Apr 12 2006 12:28 PM MDT. L0 |5 j# ^9 }
CBC News
T# v8 U; @; _6 s' I' p) `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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! ?& f7 t3 v9 ?' c0 YThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.6 V& u- K& _! C5 k1 m, O
C; D) n; t7 `% q% vThe 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. 8 T6 ^: j/ d8 l5 p
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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0 Z) \7 m' j% a# Z. E1 eClark says there's one reason Calgary's market has shot up so quickly. ) m1 K) n+ L& A% |; v _5 u8 _3 f
& Z, h& N; G4 w1 O8 f0 J; X( N"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. ) D8 M0 G! }( `, s8 R
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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."
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& ]. W8 N2 W4 d0 v0 KRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price." y$ h& l( l7 z4 ?( O( t) Q
; p9 k+ n: B* RGeorgiana 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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