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Last updated Apr 12 2006 12:28 PM MDT! m* A }3 ?; \0 T: d1 V
CBC News 8 ?1 _6 q% j" J. i; b4 f* N
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 4 D8 d8 v1 H, s9 O4 i% @2 |9 r
. n. M! y$ C8 Q5 JThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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: i' n( h. J. K& G0 N9 u, L( d6 ?! B" BClark says there's one reason Calgary's market has shot up so quickly.
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"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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4 L/ {+ F/ P6 z! a9 w1 t b G"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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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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