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Last updated Apr 12 2006 12:28 PM MDT
# X% ?& @+ o8 W& VCBC News
$ }! b% W, b0 ]! C0 XThe cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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9 Y' z# r* W- b: tThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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+ z5 ?2 }% L( yThe 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. & h! v" P( G5 j# s# O
0 Z* f- C: ?7 H3 J1 U0 K7 XVancouver is the still the hottest market at nearly $500,000 for a single-family home.+ y; y! T5 |$ K8 m3 ^) k
/ F3 I( V1 f4 D& KClark says there's one reason Calgary's market has shot up so quickly. Y- e! h- ]" H4 q5 g+ o
, d9 o# y& h8 T' y( t* N"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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2 A4 q, A- t9 f4 o"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 1 k& E4 `2 j% _5 I) i% [
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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.. N( L" c) u9 S& k! ~7 I5 z( u/ O
* b. |8 T5 `; {/ W9 RGeorgiana 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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