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Thu, April 12, 2007+ q% @0 E" y' N. P1 P. L
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Calgary ranks sixth as most expensive downtown housing- M7 Z& b2 Q2 R1 y& C
UPDATED: 2007-04-12 16:38:42 MST8 {, ?% G; N% V# q8 o% V2 w3 _$ e
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By NADIA MOHARIB, SUN MEDIA4 f( r. ?! X% Q+ P" z& K
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More and more Calgarians are buying downtown homes but paying top price for the prime location. % `/ g: N* w! O e( n# m& A
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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. 0 Z; x, f# D# K( S q% B/ t3 @
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 6 O, G5 i) j" |' S1 I+ m! G, m; U9 X
$ J, C) g( x6 H% GThe 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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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. - T% x8 u+ G6 j& x
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“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. 0 H- K& H* A+ x
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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.” : ~6 y/ l4 ]7 b( K& n3 W
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. - f( O* o, i4 D* E* s( L
6 @% W7 i' H4 h dHe said 30 % of the housing market is condos - the bulk of which are in downtown. # }& J& O8 z1 c2 [# h6 d+ m3 `1 Y
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 1 n) w1 F5 x0 J) F$ Q6 [
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In 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. + Z: J: F8 J2 D
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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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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 3 a( q* T! k, O
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6 E; r2 R! a; [3 E. W) M- 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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1 k7 ?" ?: `( U: @5 D5 j— 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 $119 0 b' Z6 U# n( R# k9 L/ [$ ^2 y: 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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