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Last updated Apr 12 2006 12:28 PM MDT. q% \ y) ^% @7 T0 A' u l
CBC News 5 p) d: R: P* m' y; C0 _+ @
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ! |* D4 c0 a6 A, n
& P# `8 i$ Q, K* z" rThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.. ^) ?5 T" }+ A3 L4 `+ O
4 ^( s2 C! R; E- s) ]# g" T( rThe 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. 5 i! m w U6 t. D4 G/ S
$ H4 V$ c3 X. ]& ]) G2 C+ ~Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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$ J( y, z! {0 `7 C3 R, S z5 V"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. , C# h- i9 K$ [! r# P% ~
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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."
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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.
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T ]; p' \ M7 N: jGeorgiana 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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