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Last updated Apr 12 2006 12:28 PM MDT
! ^2 k8 g* \1 N. A3 G& v cCBC News 1 L* G3 O* V! @" K6 r
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.* [. M9 ~! j( a/ H* f) S: y6 k( q
" D% j+ `' q* B) ]2 P! ^, [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 $358,000 in Toronto.
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0 l$ {6 c5 N8 Z3 PVancouver is the still the hottest market at nearly $500,000 for a single-family home.9 H) s& S) L& M$ ]1 |* N2 u
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Clark says there's one reason Calgary's market has shot up so quickly. & p9 e3 _: P, O( z
3 f# g% \8 j2 @( d3 G! D"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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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." 7 T/ D# U7 V- s( O) }3 T" q1 M# m% y" m
7 Y; G f8 D3 {8 ^0 \Realtors 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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