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Thu, April 12, 2007' _8 Z0 e) l+ s& T* v1 b# N
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Calgary ranks sixth as most expensive downtown housing
* v2 E. D: z1 ]1 V6 Z8 w& o0 QUPDATED: 2007-04-12 16:38:42 MST
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* g+ d: U$ @& i$ {6 DMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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( J+ Y# u e8 `- yPeople 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. . V8 }( D/ ]$ l2 f7 G. j- x, N
Q/ E$ V* O. y" J" nCalgary ranks sixth most expensive of 31 cities surveyed around the world. & A% B- m2 A* @% O. D/ ~
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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.
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George 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. 8 K6 W' i( s% _2 \1 @5 A, F3 h
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“To live downtown people pay for it.” J8 `( ?* C+ A
# F: M! H# I" L( w6 x- ^A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 7 l9 c, J- i6 L/ r: v/ f- s3 W1 M
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ) t$ t& V8 o% R, }
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He said 30 % of the housing market is condos - the bulk of which are in downtown. ) Q. {- w4 F7 T/ F: P2 A. o
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. % f& O( W9 B$ t& I( a
, F' j! O O: W' n( i8 y) EIn 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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/ B& [, a4 t" h/ j7 K. O' wWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. ' o* p2 j. l- @2 D- D2 @" j7 h
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; [/ d" s* _, `2 J! l- 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. $ k8 s7 C3 p; V* z' U, F$ N
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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 $119 * }2 M$ M. M( |1 ], i
6 O1 X1 F2 _) y+ L( D" EThe 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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