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Last updated Apr 12 2006 12:28 PM MDT. u- `3 O" W! @' f% n
CBC News : z$ h( \4 A( s4 i4 F9 O* e
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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) t1 u0 |- m% w2 z' ?$ C( c, I& \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.
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1 a" F9 b0 _+ B; v, mVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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( u/ W6 Z! B% U7 D1 `7 l"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. ' V8 Z3 R, y+ t$ Z
0 r4 D/ q j- F1 ~; C. E* t"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." : L8 N" b* w0 c9 _0 Q* A$ R& F
( L1 I* K7 p) i, o+ uRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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1 v/ c+ |2 [7 `! w5 J5 iGeorgiana 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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