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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing6 ~1 X# T4 u; y8 x; z7 |% B
UPDATED: 2007-04-12 16:38:42 MST* q& z5 z1 p# w2 L9 t
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By NADIA MOHARIB, SUN MEDIA
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8 d$ h4 P- J& [. `- J6 G$ `! o; lMore and more Calgarians are buying downtown homes but paying top price for the prime location. 7 f! E: S1 g6 l+ J
, d5 b7 C+ G k, oPeople 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.
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& c% X* ]# A, n% z( bCalgary ranks sixth most expensive of 31 cities surveyed around the world.
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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 $209 per sq. ft. 7 z( w4 X! \# {3 o- I
1 E, z( z7 _; L w7 tGeorge Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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“To live downtown people pay for it.” 3 {/ g$ X6 e4 e9 |, ~7 }" [
& Q& M# h# _/ Z- e$ dA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ) S+ @( r$ S1 I
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# x3 s/ X. w8 {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/ m( \3 x1 e3 d7 V8 \. Y0 @
$ ^: R) v0 v* }Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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& a7 U/ C5 A0 N0 N5 Y“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. / O ^# ^5 {1 L3 M1 b% Y1 v
+ Z: O& o! d4 K: Y0 aHe 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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5 J4 w0 a2 r9 Z/ d, X- ?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. " U- ]8 \% N! Z6 }# t+ {
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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FAST FAX 3 g! O% t* b' F$ }
! s' T! @; A3 y) |- F" ~& Z1 ]2 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.
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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 $119 - \% p% m# l$ q# R
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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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