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Thu, April 12, 2007
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, k9 C& V9 y/ {' lCalgary ranks sixth as most expensive downtown housing- w9 u* y" M8 E$ \ X5 }
UPDATED: 2007-04-12 16:38:42 MST
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. c. Q2 M. V! j# ^By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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. Q5 B- Q; r' `. Q: Y' {/ Q; H5 CPeople 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 $209 per sq. ft. 9 a) ]5 Z( n! U0 L& K
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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3 o+ U4 L( v$ |! B% a“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ! t* A' k: H, |
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* t& h2 X* m3 A- }7 gStill 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.” W. i. J; p- L7 w( Y& f/ S, k) B
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. ' c9 J' o6 G H' h& o) M
* e9 A G6 E8 h9 v3 g* e9 e- G8 O0 k“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. # K# ^( v# ^ L2 k5 A6 I
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 4 b" l. w! K* \6 `0 X9 b' E) N
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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. 3 y& t- d' E" X
% x- r) ? W, T6 t7 \" K1 [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. 4 Y+ E# Y& k( w3 l
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. # Y& E/ l2 Q2 @2 _- I. S% ^
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' b, |; L0 @2 V7 G z6 j/ p- 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. & P" D; s- e) x* f
( k* }# I1 \! |5 X( Z! [— 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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! a4 W! U% u8 vThe 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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