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Thu, April 12, 2007$ U5 E* I& l6 v l& t" F7 ~
2 }3 l/ z2 J; R, dCalgary ranks sixth as most expensive downtown housing: T5 y. }- q! D0 ?8 g* E
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA9 H: h+ X9 o- d: I: R
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: W- F% a$ M, v0 LMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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2 l; O$ M" ]8 ?- RPeople who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. 8 L- I/ |1 V% b' M/ u, V4 `2 Y- k
0 ^1 j( C, a0 l( S6 s8 @+ m, J" K: KGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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“To live downtown people pay for it.” N8 S$ a! n+ H) r1 l
5 i. d" ?2 m) j" r/ J5 B: O* BA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 7 x( F% H" M: ^' \
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. w& c8 i9 w8 ?/ {, i9 Y5 ^Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. + W+ n8 q# z: ]
, \' t, w- a8 K8 I% E+ _“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. / ~* H1 [: I( _
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 5 c! J$ u, L. k) e- X1 `
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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1 E$ {7 D( ]0 K, cWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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) x4 V: j1 @' c. z0 U) LA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. : Y8 a) y6 X0 F0 b
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively. 8 A- F$ P$ P& c4 H
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— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 2 z6 l9 K8 d; T- d
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The 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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