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Thu, April 12, 2007
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7 E) _8 d5 ?3 X! M& F" |( H) rCalgary ranks sixth as most expensive downtown housing
J$ Q6 V, Z: W, OUPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA1 {! |% H8 q& e6 @+ c) d- ~
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: T! T7 c; \5 U, S% o: bMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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D3 I, Y9 l7 P3 V. _+ e% HPeople 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. + O2 ^3 R5 P+ l& B! \7 x
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 1 r+ t2 E2 K8 H+ y( V, f
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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 $209 per sq. ft. 5 N0 s1 u r. K3 `$ d. L/ b9 k
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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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- b5 b% O3 [1 D; n; j ]“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 8 S$ Q6 K. g* c7 s9 c
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1 R7 T4 N1 f! CStill 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. , Q4 l% A: L8 |( J2 N: T6 ^
+ M; T" h. y/ J2 q5 I“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.
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( d: o" Z' `3 i5 w3 XThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 9 L, V( h0 a- E2 R9 T* K
5 ^5 [* r g% EIn 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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G' y4 e3 B! N% |) {: x' t; T0 W& AWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. : E0 D, K. ^6 L9 R/ f/ \7 t- S
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4 x% u2 L: w2 |1 {4 w- 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. / ?3 k; l! C5 M4 V" }& b, p) }
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— 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 % S8 u; X2 o! \* G: W4 X
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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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