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Last updated Apr 12 2006 12:28 PM MDT/ F+ Z9 x; V- Q) M _, X
CBC News " F2 g+ s% ~" h% q3 k$ M6 M
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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" C( t7 R9 ]' I( G9 J4 v& UThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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! |4 E3 O8 H0 i [6 WThe 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. ) S; z% X O* r: K" C
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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# t" C$ d+ u" y" D3 W) J' K0 e4 DClark says there's one reason Calgary's market has shot up so quickly.
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( a/ p& E' T9 J) K" {! {"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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" x: h$ [9 e, e4 ?, P5 W"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." Y9 f1 _8 x N' ~# N$ W
: ]# V: E; c2 _: s3 ?% VRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.5 M& j* E% k: O: W- _5 T: W
" }9 W! }1 w8 H) B( h, {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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