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Thu, April 12, 20075 F/ v( d2 h6 k: e8 c
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Calgary ranks sixth as most expensive downtown housing) {- A2 e% O0 [- W0 k* d7 n2 C
UPDATED: 2007-04-12 16:38:42 MST
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( {; S7 x# k# qBy NADIA MOHARIB, SUN MEDIA
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9 h' T& U6 F1 j3 W; ~More and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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. 9 [9 Z8 P5 l' b6 u8 b7 g5 _
) ]0 k9 ~5 m; l9 R8 R! \( ?1 uCalgary ranks sixth most expensive of 31 cities surveyed around the world. 5 e2 x' s8 B7 p9 ?' w1 G( J5 D
* y/ C' ~7 S7 Q+ _- CThe 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 $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 2 Q; ]5 v% V( M4 ^
# x% m7 @) l2 q“To live downtown people pay for it.” & L+ X$ v$ t* m g8 b4 y( r+ M
& u Q6 |6 E) x" h0 [& [5 YA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. + z9 x) K. D: I) V) Y( p
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” ' L% p7 {8 X* r8 S0 V) j* M
3 N0 I" a1 Y; tPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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8 p$ R* J# p2 N2 j) R“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. * X8 ?4 U; E; _1 G
. _ l+ d3 Q/ e" A, u5 UHe 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.
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% U6 @- c* A1 B( g" AIn 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 x1 Y* @0 k" n2 c0 ]While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. + E" \' G6 }8 {* Q
; Y# q9 n; E/ _A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. * K) \- b( d8 O
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- ~8 j+ e0 {7 }0 @2 f$ \( P, Y- 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 $105 respectively. 9 j7 O' B* A! F+ j6 C/ g V$ {
9 G" u7 u$ v( F$ U& S8 S! F— 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 ) e4 f0 u/ F1 z P
) i3 m4 a: t5 R% ]. ^2 e' [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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