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Thu, April 12, 2007) ]6 u2 @9 Q% h
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Calgary ranks sixth as most expensive downtown housing
7 q1 d2 D) Y, |UPDATED: 2007-04-12 16:38:42 MST
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( w7 N* h; N1 w7 m5 {+ m L( x1 l5 k/ fMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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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.
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Calgary 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 $209 per sq. ft.
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( a c% J0 a- Y* a4 wGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 0 G8 i8 A) N, K' G* Y# f: Y1 r' D
- F- x% {$ S" V, Q1 X% q“To live downtown people pay for it.” * b+ f% g; }/ R- ^2 _
9 J& `* P5 p; z/ W) _A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ' F3 j" }! }1 s e' i
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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2 W$ ~8 A7 ]" j9 g h' NPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. % A( p- i* \4 I6 T
5 x! Q, x3 s9 X; O; i* P: z/ [“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. % b( O' m; R1 |5 s8 S
2 o6 q4 y+ j: I7 Y) R1 Q% KHe said 30 % of the housing market is condos - the bulk of which are in downtown. ! Q: B9 l7 [# b4 i( Q
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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9 F: o8 x1 G+ j( S' OIn 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. " f( C5 i v6 _: N
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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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! p! t7 D3 Y0 |! K3 w/ j8 {1 _A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- 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.
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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 7 ~5 l" Y6 b4 W, e2 O
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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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