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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing* {4 K! A, n( i) g7 }
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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9 B& a( ~0 u5 nPeople 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. 5 y" r# Z! O" q1 Z9 Z2 T
b) z) ~: B3 M4 p" D: Y# DCalgary ranks sixth most expensive of 31 cities surveyed around the world. $ Q4 ~7 q) |# E" P V7 {# [# Z: g
X$ ^( C0 |# M: R& e9 IThe 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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( ^5 ?" i" k# D( f6 ]* F" `! b9 CGeorge 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. & m# u. s4 O1 q* q& d' ]
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“To live downtown people pay for it.” 1 m) M: _7 j' a5 o- c; v ~# y+ j
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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9 y* q! Q; h& Z- K4 ^: ?Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” - S$ O4 x2 m( C$ E* v
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 9 ?6 V) z; v3 c0 n
) l$ C8 o6 m; C3 W8 G! v6 q“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. % i- R: O* W! X9 `. {* `4 g5 ?0 F
5 _ q) \& \: ?( m. [/ A6 XHe said 30 % of the housing market is condos - the bulk of which are in downtown. $ c. i, L1 X Q
. y9 \8 ^% A! b, O( G* kThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 6 P, ?& O- P* b5 g& w
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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. , X* Z9 g E9 Y
1 F6 L& O7 f. J6 NWhile 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.
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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. 2 R' P' K2 G7 X2 Q& h4 X! W
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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
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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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