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Last updated Apr 12 2006 12:28 PM MDT
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The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. - {: P: d" c- Q" u1 N r4 G2 O
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.) j6 L+ H3 X9 e T4 A
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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. $ M6 c' `' _8 b. `# [$ N N% _
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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: H4 j1 S$ G! f9 Q: ?2 {; v' c"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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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." & K5 r, m& o* ~8 w& |( f
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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.
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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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