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Last updated Apr 12 2006 12:28 PM MDT
# y- G# W1 |& {( ~CBC News ! z7 }3 e, ~7 E5 j
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 8 d2 S! z7 R) y2 a/ D) M3 G: _
. j' M! R5 n! }The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before. o& P1 k/ b$ ]9 {
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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. & r7 z; h6 I8 Y) [5 K( e; ~
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.1 C6 G2 a' \/ c& d/ o
+ N$ U, M% @ i3 a/ {* xClark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 6 y9 s( |+ f3 h& r
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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 $200,000 more than the asking price.: S* ]$ u7 r2 Q
% f# {" X6 m1 J# K6 X! |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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