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Thu, April 12, 2007
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0 F, c! |, D$ C* ZCalgary ranks sixth as most expensive downtown housing* c4 }8 K$ f, n$ V
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA
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2 b2 h4 W& ^5 g/ YMore 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. & Q% C* `3 _8 n4 b4 g% M
4 Y/ M! Q3 B) l yCalgary ranks sixth most expensive of 31 cities surveyed around the world. " H$ J/ Q) w& p, n2 G& Y7 r5 i
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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.
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! p# P7 s2 \2 C# r6 |“To live downtown people pay for it.”
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% a7 j4 T9 ?5 ]" [" g0 i bA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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( [- z# _# e6 I: u' ~; d) xStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” / @5 J5 A, i! Q5 G+ m" W
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. - I5 s. T/ @* [7 b
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 6 \% q$ M' \# `; n6 H0 M
& h. f; t0 x* T' h- p& T$ k& D; |5 M* ?The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. . Z E/ X7 j7 X) L% S
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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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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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" B) I% i4 G9 F! e8 C) xA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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FAST FAX " R, ]0 y$ b9 f
9 T2 b( e) R, G" Z6 f: u- 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. 4 d6 m9 A' W. P8 m+ S, o9 _- x! l
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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
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- ^( ?& {/ S1 dThe 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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