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Thu, April 12, 2007/ U7 H4 Y. v1 T& s( h
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Calgary ranks sixth as most expensive downtown housing6 W6 n/ A, q0 E% ?8 z' b
UPDATED: 2007-04-12 16:38:42 MST9 F. M' x" ^8 m+ P6 P! F2 o: G
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By NADIA MOHARIB, SUN MEDIA
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, [% z1 q$ @- tMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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( q+ c7 c% H8 ]5 F/ Z" I2 VPeople 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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Calgary 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.
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* @+ ?* A {; n( ^5 w& ]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. . w! y5 o7 ], o' z6 ^0 f
$ h# ^7 N }( c: ?" t“To live downtown people pay for it.” $ m9 U! z: Z" L$ \; a
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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7 b, C! X. R3 `- {, VPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. d" p0 S$ L% Y0 A) B. b2 X
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He said 30 % of the housing market is condos - the bulk of which are in downtown. ( V- P# v6 r; v/ Y/ A) E" L
+ L( ^2 V3 v! d- S# ]8 dThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 7 H( @7 s3 m7 T$ i# g
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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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3 Y0 S, Q g8 E( n% |; RWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 9 G* f: } `% `* d
8 u! |- y4 G( c' k; k. _A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. 0 U$ W% @0 N' X8 D1 ?# t) x+ g* n, ^8 z
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3 [6 {4 |; t" G0 N( D0 } A- 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. 8 m5 X- y5 X: v& d
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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 0 c( @) _9 Y; N6 D! t0 Y! r- T
( Q- _9 }: m8 n9 B* e4 v) hThe 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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