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Last updated Apr 12 2006 12:28 PM MDT% [- w4 m1 V- |4 g3 j$ z: e, _
CBC News
, d4 `) ]# Q; {( r, d' r" `The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. * A+ g0 ^/ X. f% u
7 r& y4 \0 y0 P( B" lThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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The 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. 2 c8 u5 ~* k/ p
& r& V) i6 D- p, K; T( ?Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. o/ z. A& h/ A! K% |
6 f# Q$ R+ J. Y) ?. r"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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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ( y; n5 U2 e4 J" U
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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.! Q. O* }) p. N; H# f$ _
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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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